The Primary Stock Market in India

ISBN-13: 9783844322248 / Angielski / Miękka / 2011 / 280 str.

Rajinder Pal Singh

Opis

Post liberalization the Indian economy has grown rapidly, necessitating a change in the financial needs of corporates. Privatization has encouraged capital raising via IPOs and FPOs. The Government has also used the primary market to raise resources for fiscal management by divesting stakes in PSUs. Regulatory changes in capital markets have resulted in a growth in the IPO market with an increased number of corporates accessing the primary market to raise capital. Procedural changes have ensured that the pricing needs to be assessed based on demand before being fixed. Equitable allocation amongst various investors - Institutional to Retail, has ensured greater transparency and demand. Price Volatility post listing has also reduced because of the holding appetite of large investors. We examine the impact of the changed regulatory environment on the growth of the IPO market. We also look at the impact of pricing on investor demand and returns. We look at analysis of IPO returns across different sectors over various time periods to examine the money left on the table for Retail and other investors by corporate.

O autorze

Dr.R.P.Singh has done his Ph.D in finance from Delhi School of Economics, University of Delhi. He taught at Delhi University for 35 years and at Asmara University Ethiopia for 2 years. His research interests relate to Equity Markets,Private Equity, and IPOs. He is presently working as Director at Guru Nanak Institute of Management, Delhi.