Moneylife » Ipo: Ipo, anyone?
Ipo: Ipo, anyone?
India Inc’s plans to raise over Rs35,000 crore from initial public offers (IPOs) this year have been put on hold. There is no participation by investors in Indian equities and promoters are still hoping to sell new shares at high valuations. Mobile phone-maker Micromax Informatics, known for some really crude advertising, has withdrawn its Rs426 crore IPO due to volatile market conditions. The company is valued around $1 billion.
Among the other hopefuls are IFCI Factors, an arm of financial institution IFCI, (to raise Rs1,000 crore) and road-marking materials manufacturer Automark Industries which plans to raise Rs12.5 crore. Companies that have access to global markets are bypassing India and taking that route. Apparently, copper-gold and base metals explorer Mogul Resources—which has three projects in India—plans to list on the Australian Securities Exchange in October. Mogul launched an Australian dollar 7.5 million IPO to pursue exploration across a portfolio of...
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