Vishal Retail IPO closes today. We will see heavy over subscription on the last day for Vishal Retail. DLF too, will get oversubscribed a few times by the time, said CNBC-TV18's stocks editor, Udayan Mukherjee.

Q: Is that a little bit of what is happening with the secondary market, there is so many interesting issues, there is a little bit for retail, there is lots for institutions and that is where the attention is?

A: Maybe partly because some of the pressure maybe from the midcaps side is coming through from the fact that maybe people want to just get out a little bit of money to apply in these issues, it is entirely possible. I still believe that all the pressure that you are seeing in the market is not explained by a couple of IPOs much that people are talking a lot about it. Yes on the margin it maybe weighing down because liquidity is a bit constraint but when things are good people find money to put in wherever they like.

This country is not short of money and the world certainly is not short of money as you can see so a few billion dollars, a couple of interesting midcap issues is not reason for the market to go into a bit of tizzy. That maybe an excuse but I don’t think it is a central reason. For a market which trades Rs 45,000-50,000 crore everyday for the kind of liquidity which is still sitting on the sidelines for many of the large institutions I seriously doubt it whether a couple of issues which are open right now and only DLF is open at this point and ICICI opens a bit down the line whether the whole market is correcting.

The market genuinely is struggling at higher levels and that is got to do with fundamental factors like valuations, the current run up that we have seen, global sluggishness and global concerns and it is a combination of all those factors which is providing the resistance at higher level. I don’t think it is entirely a factor of the number of issues which are open right now but speaking of the issues Vishal Retail closes today and you would expect heavy retail subscription on the last day, so far we haven’t seen much but retail typically comes in on the last day.

So I am quite certain that we will see heavy over subscription on the last day for Vishal Retail. DLF too I think will get oversubscribed a few times by the time we are done with it tomorrow, so not to read too much into the 1.3-1.4 times whatever figures we are seeing, come tomorrow there will be QIB and HNI interest out there in DLF as well.

The only thing, which is mixing up the picture for DLF could be the way the bond yields have headed and the fear that interest rates are on their way up. So people are more worried about the interest rate situation and the overall market situation rather than DLF per se. That is a legitimate fear, which is why we haven’t seen great over subscription just yet but ICICI bank opens on the 19th I believe and the pricing for that would be very interesting. I hope they leave something on the table and don’t price it really very close to the issue to the current market price because it is a big issue and they would want more retail to get in at a good price point so hopefully the management will leave a little bit on the table.