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IPO fund raising all-time high at Rs 1.18 lakh crore

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Sixty three Indian corporates raised an all-time high Rs 1.18 lakh crore through main board IPOs in calendar 2021.

This was nearly 4.5 times Rs 26,613 crore raised through 15 IPOs in 2020 and almost double of the previous best year 2017 in which Rs 68,827 crore was raised.

IPOs from new age loss-making technology startups, strong retail participation and huge listing gains were the key highlights, according to Pranav Haldea, Managing Director, Prime Database Group.

Overall public equity fundraising crossed the Rs 2 lakh crore mark to reach Rs 2.02 lakh crore in calendar 2021 which was higher than the previous highest amount of Rs 1.76 lakh crore in the preceding year.

The overall response from the public was very good. Of the 59 IPOs for which data is available as of now, 36 IPOs received a mega response of more than 10 times (of which 6 IPOs more than 100 times) while 8 IPOs were oversubscribed by more than 3 times. The balance 15 IPOs were oversubscribed between 1 to 3 times.

The year witnessed tremendous response from retail investors as well. The average number of applications from retail was 14.36 lakh, in comparison to 12.77 lakh in 2020 and 4.05 lakh in 2019. The highest number of applications from retail in 2021 was received by Glenmark Life Sciences (33.95 lakhs) followed by Devyani International (32.67 lakhs) and Latent View (31.87 lakhs).

The amount of shares applied for by retail was a huge 135 per cent of the IPO mobilisation (156 per cent in 2020). However, the total allocation to retail was Rs 24,292 crore which was just 20 per cent of the total IPO mobilisation (down from 32 per cent in 2020).

According to Haldea, success of the IPOs was further buoyed by strong listing performance. Of the 58 IPOs which have got listed thus far, 34 gave a return of over 10 per cent (based on closing price on listing date). Sigachi Industries gave a stupendous return of 270 per cent followed by Paras Defence (185 per cent) and Latent View (148 per cent), 40 of the 58 IPOs are trading above the issue price (closing price of 22nd December, 2021). Average listing gain was 32 per cent, in comparison to 44 per cent in 2020 and 19 per cent in 2019.

A total of 25 out of the 63 IPOs that hit the market had a prior PE/VC investment. Offers for sale by such PE/VC investors at Rs 24,106 crore accounted for 20 per cent of the total IPO amount. Offers for sale by promoters at Rs 31,704 crore accounted for a further 27 per cent of the IPO amount. On the other hand, the amount of fresh capital raised in IPOs in 2021 was a very high Rs 43,324 crore, which was greater than the last 8 years combined.

Anchor investors collectively subscribed to 39 per cent of the total public issue amount. FPIs played a dominant role as anchor investors, with their subscription amounting to 24 per cent of the amount followed by MFs at 11 per cent. Qualified Institutional Buyers (including Anchors Investors) as a whole subscribed to 69 per cent of the total public issue amount (data for 59$ companies for which QIB and anchor investors data is available as of now). FPIs, on an overall basis as anchors and QIB, subscribed to 30 per cent of the issue amount followed by MFs at 16 per cent.

The year 2021 also saw record number of filings with SEBI. As many as 115 companies filed their offer document with SEBI for approval. According to Haldea, to put this in context, 2019 and 2020 cumulatively had a total of just 50 filings.

Following from the record number of filings, the IPO pipeline continues to remain strong with 35 companies holding SEBI approval proposing to raise roughly Rs 50,000 crore and another 33 companies which are awaiting SEBI approval to raise about Rs 60,000 crore. This, of course, excludes the much anticipated mega IPO of LIC which is expected to be launched in this fiscal.

National

BJP wants to grab land in every UP district, alleges Akhilesh Yadav

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Lucknow, June 28: Samajwadi Party chief Akhilesh Yadav on Saturday launched a scathing attack on the BJP government in Uttar Pradesh, alleging that it was trying to usurp land in every district of the state.

Addressing a press conference, Yadav said the BJP was misusing bulldozers and government machinery, with the active support of party workers and the local administration, to forcibly acquire land.

He particularly pointed to Gorakhpur, the home turf of Chief Minister Yogi Adityanath, claiming irregularities in land registration there.

“The people of Gorakhpur should ask in whose name the maximum number of registries have been done,” Yadav said.

“If the truth about Gorakhpur comes out, the government will have to build a custody corridor there instead of passing on any inheritance. Compensation for land and houses is not being given fairly. The administration is pressuring locals into signing consent papers, using the police to instill fear, just so they don’t have to pay proper compensation,” Akhilesh Yadav alleged.

Accusing the government of cheating locals, he added, “People lost land in Ayodhya, came close to losing it in Banaras, and now Gorakhpur is next. It’s not just Gorakhpur’s land that’s being targeted — this mindset was also visible in Lucknow. Even their own advisor had to resign. I don’t know who he was colluding with — those he aligned with have now fled the country.”

Yadav also took aim at the RSS, criticising its demand to remove the words ‘Socialist’ and ‘Secular’ from the Preamble of the Constitution.

“Those who oppose the reservation don’t say it openly. Instead, they target the concepts of secularism and socialism. Their opposition to reservation is masked in these attacks,” he said.

Yadav accused the BJP and its ideological allies of trying to polarise voters. “They want to get votes by spreading hatred,” he alleged.

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National

Need to educate youth so that Emergency is not repeated: Delhi CM Rekha Gupta

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New Delhi, June 28: Delhi Chief Minister Rekha Gupta on Saturday recalled the murder of the Constitution during the Emergency imposed by former Prime Minister Indira Gandhi in 1975, highlighting the need for reminding youth about the dark chapter of democracy.

“Just as we stage Ramlila every year to tell youngsters that they should not become like demon king Ravana, this annual commemoration of the Emergency is needed to prevent the return of the dark chapter in future,” she said at a mock parliament organised by Mahila Morcha of Delhi BJP.

Highlighting the Emergency-related changes made in the Constitution, forced sterilisation, restriction on media and films, she said, “The Congress has only worked to retain power over the past 70 years. Even in the Shah Bano case, the then Congress government brought in a law to appease a community at the cost of the exploitation of women.”

She described Prime Minister Narendra Modi as “Guardian” of the nation, showcasing his vision to start women-friendly schemes, free cooking gas, toilets, tap water, nutrition scheme for women and the quashing of ‘Triple Talak’.

“It started with Beti Padhao, Beti Bachao and today it is Beti Badhao,” she said, underscoring the encouragement for women in the BJP to take up leadership roles.

“Today, when the country is giving a big role to women in decision-making and governance, we will also need to raise our ability to respond to the situation,” Rekha Gupta said, highlighting that a common worker of the BJP like her could become a Chief Minister.

“Who other than Sonia Gandhi is a prominent woman politician in the Congress?” she asked, urging women workers of the BJP to ensure that they play a significant role to oppose any other attempt being made to impose an Emergency like that by former PM Indira Gandhi.

In Delhi, when people want delivery of good service after 27 years of misrule in the city, we as women politicians must have the capability to understand the needs of people and deliver the goods, CM Gupta said.

Earlier, the Delhi BJP released a short video on its X handle as part of the Emergency 50 protest. The video carried the message: “Democracy wasn’t just paused. It was strangled and put behind bars, beneath fear and silence.”

The video titled ‘Emergency Never Again – June 25, 1975, The night democracy died’ shows a character, purportedly similar to late Prime Minister Indira Gandhi, walking away barefoot, leaving behind footprints on the ground that highlight the dark aspects of the Emergency.

As the character walks onto the screen, the ground highlights: “Constitution Torn, Democracy Strangled, Press Silenced, Voices Crushed, Opposition Arrested, Innocents Jailed, No Right to Life”.

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Crime

Parents of Kolkata law college rape victim should be ready for long battle like us: RG Kar victim’s parents

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Kolkata, June 28: In the midst of the outrage and politics over the rape of a woman in a Kolkata law college, the parents of the R.G. Kar Medical College and Hospital rape and murder victim stated on Saturday that the law student’s parents should also be ready to fight a protracted legal battle.

Their comments came days after a Kolkata-based law college student became a victim of rape within the college premises on June 25 evening.

They stated that the woman’s parents should also be ready for a long battle considering the influential backing enjoyed by the three accused in the case.

The mother of the junior doctor who became a victim of a ghastly rape and murder in August last year, expressed apprehension that like the case of her daughter, there might be attempts to protect the accused in the law college rape case also in the due course.

Hence, they feel that what is required now is a mass movement exactly in line with what happened after the heinous crime with their daughter.

“What is even more shocking is that even after the tragedy with my daughter, there was not enough initiative to ensure the safety of women within educational institutions where they study. The administration and ruling party are now trying to shy away from their responsibilities over the crime in the law college rape. It is natural. But the reality is that the influential backing that the accused persons enjoyed gave them the courage to conduct such a heinous crime within the college premises,” the R.G Kar victim’s mother said.

The father of the R.G. Kar victim said that he fears that like the case of his daughter, there might be attempts by influential people and even a section within the administration to protect the accused.

“So I also feel that the parents of the victim in the law college case should also be prepared for a long battle like us. They should understand that the administration will not do anything and they will have to fight their own battle as we have been doing. What the victim’s parents need now is the spontaneous public support which we have received,” he said.

All the three accused in the case, namely Monojit Mishra, Zaib Ahmed, and Pramit Mukhopadhyay were linked to Trinamool Congress’ students’ wing Trinamool Chhatra Parishad (TMCP).

Pictures of Mishra with different top and heavyweight Trinamool Congress leaders have already flooded social media. While Mishra is a former student of the same law college, the other two are existing students.

All three of them, on Friday, were remanded to police custody till July 1.

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