IPO fundraising shrinks, block deals robust during first half of CY23

The spurt in the follow-on offerings was partly due to redemptions by private equity players and promoters off the back of availability of valuation support and liquidity

The strong momentum in the secondary market failed to rub off on primary markets, as fund mobilisation through the initial public offering (IPO) route saw an over 80 per cent slump in the first half of calendar year 2023 (CY23). The volatility seen during the first three months of the year thwarted several companies’ listing plans, say bankers.

So far in CY23, seven companies have completed their IPOs, raising a cumulative Rs 6,910 crore. By comparison, 16 companies raised a record Rs 40,310 crore during the same period last year.

Although Indian equity benchmarks have hit new records this year, the last