New Delhi, Oct 19
India’s primary market is on a remarkable growth trajectory, fuelled by a wave of investor interest and a surge in initial public offering (IPO) activity, experts said on Saturday.
The month of September was quite busy, with 15 draft red herring prospectus (DRHP) filings submitted on just one day — the final day of last month — making it one of the most active periods for IPOs in over 14 years.
“So far in 2024, we’ve seen 63 initial public offerings, most of which have performed well after listing. Despite the challenges of a volatile market and global uncertainties, investor confidence in these offerings remains strong,” said an IPO commentary from Pantomath Capital Advisors.
The positive momentum is expected to carry forward. With a healthy pipeline of IPOs, strong investor demand, and a sense of optimism among both promoters and investors, the outlook for the capital markets looks bright, the report noted.
This week, Hyundai Motor India’s much-anticipated IPO was overall subscribed 2.37 times. The quota for qualified institutional bidders (QIBs) was booked 6.97 times, while the reservation for employees was subscribed 1.74 times.