Expect primary market to remain subdued: Prime Database

Recently, the primary market action has been muted for most of 2011. In an interview to CNBC-TV18, Prithivi Haldea, managing director of Prime Database said, he expects action in the primary market to remain subdued.

According to him, primary market will revive only once secondary market stabilises. Also read: 22% decline in public issue mop-up in H1 to Rs 9,582cr Below is the edited transcript of his interview with Udayan Mukherjee and Mitali Mukherjee of CNBC-TV18. Also watch the accompanying videos. Q: The initial public offer (IPO) market has been very lukewarm. Do you see it continuing like this for a while longer? A: I presume so. Primary market is a subset of the secondary market, which is a subset of the economy. Secondary market has to be either stable or buoyant for primary market. We have seen either a declining market or a volatile market. Both of them are enemies of the primary market. Unless we see some kind of sanity, some kind of stability in the secondary market, I don