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Big power IPOs face rough pitch(Business Standard 12th Feb 2008)
The tide seems to have turned for companies wishing to tap the capital market, if the withdrawal of Emaar MGF and Wockhardt Hospitals’ initial public offers (IPO) and the lacklustre debut by Reliance Power is any indication.
Half of the ten IPOs to have hit the market since the beginning of this year have been from the real estate space. J Kumar Infra Projects, KNR Constructions, SVEC Constructions and the now withdrawn Emaar MGF are the worst hit, according to analysts.
Big ticket primary offerings from Sterlite Energy, GMR Energy and JSW Energy are also expected to have a tough time following the lacklustre debut by Reliance Power on the bourses.
ome other big IPOs expected in the coming months are the Bombay Stock Exchange, National Stock Exchange and MCX issues.
“The withdrawals by Emaar and Wockhardt will certainly affect sentiment in the primary market. However once the secondary market stabilizes, quality issues with reasonable valuations will sail through.” said Sanjay Sharma, managing director, equity capital markets, Deutsche Equities India.
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