India has more of first generation high net worth individuals than the one who have inherited wealth.
With the Bombay Stock Exchange (BSE) benchmark Sensex racing towards its all-time high, retail and high net worth individual (HNI) investors are flocking towards public issues.
HNI equity folios up 46% in the first half of FY15.
The retail frenzy over initial public offers (IPOs) seen over the past few months is not without reason. Over the past two years, 61 companies have tapped the primary market and raised funds via IPOs. Of these, 24 companies (nearly 39 per cent companies) have more than doubled at the bourses with Happiest Minds, IndiaMart Intermesh, Indian Railway Catering and Tourism Corporation (IRCTC), Affle India and Route Mobile surging 468 per cent to 722 per cent since their listing date till now. Retail participation in the equity market, according to analysts, has just reached an inflection point due to the low interest rate regime amid lack of investment-worthy avenues that can generate a good return for investors.
Retail investors have gained significant heft in the past year amid a sustained uptick in Indian equities. The share of retail investors in companies listed on the NSE reached an all-time high of 7.32 per cent in the quarter ended December 31, 2021, up from 7.13 per cent in the previous quarter and 6.9 per cent a year ago, the data from PRIME Infobase shows. This was despite the Nifty's 1.5 per cent decline during the quarter.
The number of high net worth individuals grew 20.4 per cent to 2.63 lakh people, while their collective wealth grew 21 per cent to over $1 trillion.
At least five companies looking to raise a cumulative Rs 6,595 crore could launch their initial public offerings (IPOs) next month after a busy August that saw eight IPOs. On Thursday, south-based diagnostic chain Vijaya Diagnostics announced its plans for a Rs 1,895-crore IPO. Ami Organics will announce its plans for a Rs 600-crore issue on Friday.
Since the beginning of 2020, i-bankers have collected nearly Rs 1,800 crore by way of IPO fees. Interestingly, the India fees this year form just 1 per cent of the global fee pool of $13.7 billion from IPOs.
The so-called high networth individual portion saw 620x more demand than shares on offer.
The dozen firms to have listed following their IPOs have seen an average listing day gain of 49 per cent. IPO applicants have made money on all the deals, barring two, which saw modest declines on listing day.
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HCL Tech was the top gainer in the Sensex pack, rising over 4 per cent, followed by HDFC Bank, Infosys, NTPC, Nestle India, TCS and HUL. NSE Nifty surged 337.80 points to 14,845.10.
The primary market is set for a bumper Rs 80,000-crore bonanza with 30 companies already filing IPO papers to raise Rs 55,000 crore, while around 10 more are lined up for this month itself, seeking to mop up another Rs 25,000 crore, say investment bankers. The market has been on a non-stop rally, hitting new records almost every week, on the back of an influx of investors -- a vast majority of them first-timers -- coupled with a flood of liquidity. Foreign funds alone had pumped in a record $35 billion into the market in FY21, while the trend has continued this fiscal as well. Domestic institutions led by LIC have also infused trillions of rupees, helping woo retail investors in troves -- the year saw over 20 million new investors coming to the market.
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Private sector lender Federal Bank on Wednesday launched two premium debit cards exclusively targeted at its HNI customers, apart from a premium travel card.
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The local police on Tuesday registered an FIR naming Indian-born global CEO of the bank Vikram Pandit and 10 other officials in the Rs 300-crore (Rs 3 billion) Citibank fraud case.
MCX launched contracts in gold, heating oil, gasoline, natural gas, sliver HNI and aviation turbine fuel (ATF). The futures contracts will expire between February and May and the trading specifications will remain unchanged, the exchanges said.
Value deals are available at Rs 2-10 lakh, giving investors an opportunity to make some good buys.
These funds give the wealthy an option to invest in strategies that other equity products like mutual funds and portfolio management services cannot, says Nishant Agarwal.
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The group had earmarked $400-million to fund its expansion in the private banking business globally, two years back. The group has already hired 57 professionals for its Indian operations and plans to enhance the staff strength to nearly 100 within the next six months.
Realty major Unitech has sold a hotel in Gurgaon for Rs 200 crore (Rs 2 billion) and is close to selling another hospitality project by June-end for a similar amount, as part of its exercise to raise funds for reducing debt.
Most investors find it very hard to understand when markets have over-extended themselves and look for data points to understand when a correction is due.
"The decision has been taken due to prevailing adverse market condition...although the QIB and HNI portions of the IPO were fully subscribed and the overall book was closed to 90 per cent," the company said in a statement.
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The IPO by J Kumar Infra, which closed on Wednesday, managed to scrape through, with the issue getting bids for 2.7 times. This is in sharp contrast to the recent IPOs, which were getting subscribed many times over.
In each public issue, 25 per cent of the shares on offer are reserved for the retail investor.
We advocate that all individuals (HNI or otherwise) buy a term plan for an amount that can be considered reasonable given their life style, income, expenses and contingent expenses among others.
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