During calendar 2002 (January-December), six companies have raised money through initial public offerings, the lowest ever in the last eight years.
However, these companies mobilised Rs 1,981 crore (Rs 19.81 billion) during the year against Rs 392 crore (Rs 3.92 billion) raised by 15 firms in calendar 2001.
Out of the Rs 1,981 crore, almost half of the mobilisation came through the IPOs of four public sector banks. The other two issues were from Bharti Tele-Ventures and i-flex solutions.
Among the six bank issues, three hit the markets in the first half of the year, while the rest in the next half.
The four public sector banks (Andhra Bank, Canara Bank, Punjab National Bank and Union Bank of India) hit the market to collectively raise Rs 937 crore (Rs 9.37 billion), while the 2 two private sector companies raised Rs 1,044 crore (Rs 10.44 billion).
The Rs 834 crore Bharti Tele-Ventures IPO at Rs 45 per share was the largest issue during the year.
Among the floats, the Rs 385 crore Canara Bank issue at Rs 35 per share was the largest, followed by Union Bank of India at Rs 288 crore (Rs 16 per share), i-flex solutions (Rs 210 crore at price Rs 530), Punjab National Bank (Rs 164.49 crore at Rs 31) and Allahabad Bank (Rs 100 crore at Rs 10).
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