Weak market sentiments fail to sour firms' hunger for IPOs: Report

The rush to file the papers for the public issue increased in the last few days as firms want to meet the deadline for submitting documents

In the last three days, 14 firms filed their draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), signaling fundraising activity remains in full swing despite a dry spell, a report by The Economic Times said on April 2.

The rush to file the papers for the public issue increased in the last few days as firms want to meet the deadline for submitting documents and audited financial statements for the September quarter, the report said.

Moneycontrol could not independently verify the report.

The latest development highlights a strong pipeline of upcoming issues despite a volatile market. So far, 52 firms have received Sebi’s clearance for IPO, while 65 have submitted their draft papers, ET said.

This comes after a Moneycontrol analysis showed that market selloff since September has wiped out gains of almost half of the newly listed companies, sending the stocks below the issue price.

Among the biggest laggards, Godavari Biorefineries led the fall, plunging over 58 percent from its issue price, followed by Carraro India and Western Carriers India, both trading 56 percent below their issue price, the MC report said.