Tuesday, December 11, 2007

A+ve ‘follow on’?

It depends on the primary market

According A+ve ‘follow on’?to CLSA Asia-Pacific, Indian firms may raise a jaw dropping $18-20 billion through equity issues in the rest of 2007. After a series of fl op issues, the maddening response to the recently concluded public issues of Vishal Mega Mart, ICICI & DLF, prove that investors have decided to go all the way. The kind of treatment these public issues will get on listing will surely set the tone for the upcoming July IPOs viz Omaxe, HDIL, Purvankar Projects et al.

With some big companies lined up to tap capital markets, some even for the second time, investors are betting to win big-time. But investors should fi rst weigh the options and then should take a call accordingly; blindly joining the bandwagon will perhaps lead nowhere. A point in case is Spice Telecom (which is coming with an IPO to raise Rs.6.32 million), whose listing – though much hyped to the retail investor – has been rejected by NSE as the company’s accumulated losses exceeded its net worth!

Nevertheless, 2007 will see the Indian equity boom reaching new highs and breaching all records. The only potential threat is a possible interest rate or CRR hike by RBI in the forthcoming monetary policy on July 31. But with inflation seemingly controlled, such a move seems quite improbable.

B&E research: Gyanendra K.

For Complete IIPM Article, Click on IIPM Article

Source :
IIPM Editorial, 2007

IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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