Fundraising via initial public offers (IPOs) dropped 52.2 per cent to $147.2 billion in the first eight months of calendar year 2023 (CY23), suggests a recent report by GlobalData, a London-based analytics and consulting company. At the country level, the report suggests, India topped the charts with 152 transactions worth $3.8 billion during this period, primarily due to a higher number of SME IPOs, followed by the US with 99 deals totaling $16 billion, while China ranked third with 88 transactions worth $32.3 billion. "An analysis of GlobalData's Deals Database reveals that there were 750 IPO listings registered with an aggregate deal value of $147.2 billion in the first eight months of 2023 on the stock exchanges worldwide.
The SME segment has been grappling with lack of liquidity and lacklustre institutional participation.
To strengthen corporate governance practices and disclosure requirements, Sebi has notified new rules, including that top 1,000 listed firms will have to formulate a dividend distribution policy. The regulator has also put in place a framework in relation to applicability, constitution and role of the Risk Management Committee (RMC) and eased norms for re-classification of a promoter as a public shareholder, according to a notification dated May 5. In addition, the regulator has asked listed firms to make available audio and video recordings of analyst and investor meets on their websites as well as stock exchanges within 24 hours or before the next trading day and also notified rules regarding Business Responsibility and Sustainability Report (BSSR).
After introducing the call auction mechanism in Sensex and Nifty stocks, the Securities and Exchange Board of India (Sebi) is mulling extending this to the proposed platform for small and medium enterprises (SMEs), although with a few changes.
If a 5% to 10% fall in the equity market gives you sleepless nights, you are not cut out for a 75% to 80% allocation to equities and must reduce it.
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The government has brought in changes to the investment pattern for non-government provident funds, and superannuation and gratuity funds, enabling them to invest up to 5 per cent in the units of Category I and Category II alternative investment funds (AIFs), subject to some caveats. The development is part of the central government's strategy to channelise domestic savings and improve their returns to attract more investment in the said sectors. At present, these funds typically invest a minimum 45 per cent in government securities, besides new instruments, such as exchange-traded funds and real estate investment funds, while a portion in equity-related instruments.
As many as 56 firms collectively mopped up Rs 17,283 crores through IPOs during the April-September period of 2016-17.
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The move is expected to cut into the business of rival Bombay Stock Exchange (BSE).
The National Stock Exchange is chalking out a strategy to launch a separate trading platform for small and medium companies.
To be listed on the main boards of the NSE and BSE, these exchanges will have to have Rs 10 crore of minimum paid up capital.
E-commerce giant Amazon on Thursday announced a $250 million (about Rs 1,873 crore) fund that will focus on digitising small and medium businesses, and driving innovation in the areas of agri-tech and health-tech in India. "Small and medium sized businesses are often the engine and the lifeblood of economies and I think it's true in India as well. "And we are very passionate about trying to enable acceleration of SMBs in fuelling innovation and the economy in India," Amazon Web Services CEO Andrew Jassy said.
Ashish Chauhan is generous in his praise for his former bosses and doesn't flinch in pointing out the reasons why the BSE lost out in the initial years of the NSE.
A social stock exchange, broadly, is understood to be a platform that allows investors to buy shares, bonds or units in a social enterprise that has been vetted by the exchange. These allow firms operating in sectors such as health, environment and transportation to raise risk capital.
A combination of fewer listings and falling 'average daily traded value' contributed to the drag in Q3.
Power2SME, a one-stop shop for sourcing and buying raw materials for SMEs, is the only B2B firm in this space.
A small firm with a track record of distributable profit for at least three out of the immediately preceding five years may be eligible for the listing.
Around 70 companies have received IPO clearance from markets regulator Sebi, but are waiting for election results.
2015 is set for a lot of changes - and some that we would like to happen
"There are 4.55 million broadband-connected SME PCs, of which 13 per cent are expected to be the hosted exchange opportunity. Email is expected on every fourth phone to be sold in India in the next four years. Enterprise customers now want to access email, calendar, attachments and more wherever they are, on choice of their device --a big opportunity for telcos, Internet service providers and systems integrators," said Dayakar Puskoor, executive chairman, GlobalOutlook.
Eye business expansion, fulfil working capital requirements and making loan repayments
Out of the 24 IPOs, 20 companies had anchor investors, which collectively subscribed to 31 per cent of the total public issue amount.
The suggestion is made by BSE in a letter to the Finance Minister.
Listed entities would have to co-operate with intermediaries registered with Sebi such as debenture trustees and credit rating agencies
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'Some business families would probably have to revert to their core businesses, which the IBC will ensure.'
Pitching for a slew of reforms in the Indian capital markets, leading bourse BSE has suggested the government bring in a new transaction taxation structure and besides seeking tax pass through status for Infrastructure Investment Trusts (InvITs).
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
The meet will focus on the recent global economic developments, challenges and collective measures to address them
On the occasion of the National Stock Exchange's (NSE's) silver jubilee celebration, its MD and CEO Vikram Limaye, bottom, left, spoke to Somesh Jha to discuss the way forward and how the exchange plans to deal with the present set of issues.
U K Sinha's six-year tenure as chairman of Securities and Exchange Board of India ends later this week. Sinha held his last press conference in Mumbai on Monday, where he spoke on wide-ranging issues and his biggest regret.
Under Sebi guidelines, AIFs can operate broadly in three categories.
While riskier than debt, Sebi's stringent guidelines may ensure a safe and liquid product.
The move will have cascading effects for lot of related sectors
The consolidated entity can target good growth FY18 onwards, analysts say.
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