The Indian IPO Market in Early 2008



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Introduction Contd..

The RPL IPO was oversubscribed by 73 times and collected a record Rs. 7,448 billion ($11 190 billion) from the market12. However, although the RPL IPO was oversubscribed, it listed below its offer price on the stock exchange, causing many analysts to believe that the Indian IPO market was losing steam.....

But when the IPO of the Rural Electrification Corporation Ltd. (REC)13 was fully subscribed, reportedly within 27 minutes of its opening14, it appeared as though their views had been incorrect. With choppy global markets, and the Indian stock market seesawing, analysts were of the opinion that the Indian IPO market too would be affected.....

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Background Note

The Indian primary market15 started picking up momentum in the 1980s, when a large number of companies came up with their IPOs (Refer Exhibit I for a note on IPOs). The modern securities market in India was the result of the capital market reform in 1991......

In 1992, the Securities and Exchange Board of India (SEBI) was established. In the early 1990s, many companies came up with public issues, and met with good response from investors. However, the security scam of 199216 severely affected the primary market...

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