IT’S IPO’CLOCK AGAIN

AFTER A SUBDUED BEGINNING TO 2023, THE IPO MARKET HAS SEEN HEIGHTENED ACTIVITY IN THE PAST COUPLE OF MONTHS. CONSIDERING THE STRONG PIPELINE, THERE’S HOPE THIS MAY CONTINUE FOR SOME TIME YET

BY ASHISH RUKHAIYAR

GOOD, BUT CAN do better.” This clichéd response is a ritual at parent-teacher meetings in schools. Now, though, it has also become a constant refrain in one unlikely place: the primary market. Ask any market participant now about the primary market, and pat comes the reply: It’s doing fine, but it can definitely do better in the months ahead. This is because there has been a notable increase in primary market activity, led by small and medium enterprises (SMEs), coming after two roller-coaster years when market participants first experienced exhilarating highs in 2021 before activity tapered and then plunged by the end of 2022. But there is a glimmer of hope that the strong pipeline of initial public offerings (IPOs)—or public issues in local parlance—could spark a repeat of 2021. IPOs worth…

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Business Today (Digital) - 1 Issue, 29 October 2023

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