Pricing worries remain, but bankers expect IPOs to raise over Rs 40,000 crore (Rs 400 billion) in the next few months.
Business Standard discussed the primary market scenario and changing equations in the IPO market with Enam Group chairman Vallabh Bhanshali. Excerpts:
Certain provisions of the code would delay the negotiation process, increase the tax liabilities and introduce uncertainties due to the General Anti-Avoidance rules.
The Companies Act Amendment Bill, which was tabled in Parliament in the Budget session that adjourned last week, has proposed to allow Indian companies to merge with overseas companies, a move that could introduce greater flexibility in cross-border merger and acquisitions.
Though the number of Japanese foreign institutional investors in India is still negligible, it's significant that 8 of the 11 registered with Sebi entered in the past year and a half
The market regulator is mulling safeguards relating to power of attorney.
Sebi officials say the regulator has turned down the proposal on ground that the Indian market is still not prepared for such flexibility in pricing.
Although the Budget has projected only Rs 1,120 crore (Rs 11.2 billion) receipts from disinvestment, sources said some big-ticket initial public offers, or IPOs, could hit the markets soon. Finance Minister Pranab Mukherjee will meet the Securities & Exchange Board of India board on Friday to discuss, among other things, the disinvestment roadmap and the Budget proposal to raise the threshold for non-promoter public shareholding for all listed companies in a phased manner.
The Mahindra Holidays initial public offer --the third public float in the current year and the single largest issue over the last 12 months--was subscribed 11 times and four companies raised an estimated Rs 4,000 crore yesterday through QIPs. This came after realtor Unitech's announcement on Friday that it has raised over Rs 2,700 crore via a QIP at Rs 81 a share.
Set to get powers like those enjoyed by a civil court; will be able to attach assets, file winding-up applications.
The Securities and Exchange Board of India has recommended reservation for domestic mutual funds within the quota allocated for "anchor investors" in initial public offers.
The Securities and Exchange Board of India has decided to make it mandatory for qualified institutional investors to make full payments upfront when they apply for shares in initial public offers. At present, QIPs pay only 10 per cent of the amount required for the shares for which they apply upfront.
The government has reopened the case for convergence between the capital market and commodity futures regulator, a move that has attracted opposition from the Forward Markets Commission, which regulates the commodities futures business.
A forecast by this international real estate consultancy suggests that 'in Mumbai, rentals will fall for some more months and bottom out in the second half of next year, while in the national capital region, rents may bottom out in the second half of the current financial year in most areas.' In both metros, the correction in rents would be between 40 to 60 per cent by the first half of next year of their peaks in 2007-08.
Sebi's chief finds himself helpless as the stock market regulator goes after his former organisation, but doesn't lose his essential optimism and can-do spirit.
Firms denied peer review certificate may be barred from auditing
The London Stock Exchange, the world's third largest exchange in terms of value of shares traded, is in talks with Financial Technologies to buy a stake in its stock exchange arm MCX-SX.
Soon, there will be an exchange-like platform for trading in loans.
Even as foreign institutional investors are rushing out of the Indian equity markets, there are fresh indications that their selling may accelerate in the coming weeks.
The Securities and Exchange Board of India is all set to begin the proposed peer audit review of the companies that form the Sensex and Nifty benchmark indices.
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