A total of 10 companies collectively managed to garner Rs 6,059 crore (Rs 60.59 billion) through their IPOs during the fiscal year ended March 31, 2013, shows an analysis of data available with the stock exchanges.
This marks a slight increase of four per cent from the total funds raised through IPOs during the previous fiscal, 2011-12, when 33 companies had together mopped-up Rs 5,808 crore (Rs 58.08 billion).
In 2010-11, a total of Rs 33,183-crore (Rs 331.83-billion) worth capital was raised by 52 firms through their IPOs.
Most of the IPOs that hit the capital market in the current fiscal were smaller in size (less than Rs 1,000 crore or Rs 10 billion) and some companies even withdrew their offers after poor response.
Besides, many companies did not launch their offers after doing all the groundwork and obtaining the necessary approvals.
Bharti Infratel, the tower arm of telecom giant Bharti Airtel, came out with the largest public issue of the year when it hit the capital market to raise Rs 4,118 crore. This was also the biggest IPO since October 2010, when state-run Coal India had garnered Rs 15,475 crore (Rs 154.75 billion). Interestingly, there were three jewellery firms -- PC Jewellers, Tribhovandas Bhimji Zaveri and Tara Jewels -- that entered the capital market this fiscal.
Three firms -- retailer Sai Silk, packaging firm Plastene India Ltd and component supplier to automotive industry Samvardhana Motherson Finance Ltd -- withdrew their offers, collectively worth Rs 1,832 crore (Rs 18.32 billion), due to poor response.
Among the major IPOs of the year, PC Jewellers raked in Rs 609 crore (Rs 6.09 billion) and rating agency CARE garnered Rs 504 crore (Rs 5.04 billion). Housing finance company Repco Home Finance was the sole state-owned firm to enter the capital market through IPO route during 2012-13. Repco Home Finance raised about Rs 270 crore (Rs 2.7 billion)
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