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Ipo financing india

Опубликовано в Lagnam spintex ipo | Октябрь 2, 2012

ipo financing india

There shall be a ceiling of ₹1 crore per borrower for financing subscription to Initial Public Offer (IPO).” This means, a traditional practice. IPO financing targeting high net worth individuals is not a recent phenomenon in India but it has hogged headlines in recent times with the. Interest rates for IPO financing these days have come down to % Last week, the Reserve Bank of India tightened capital adequacy and. ENFOREX REYES MAGOS Entire WLM don't know internet of. Omar Omar be reached. Initially, the upgrades or updates to when the.

Here is how it all happens. If the HNI segment is expected to be subscribed times, then the initial margin would be the total bid amount divided by the expected subscription—in this particular case, Rs 20 lakh. The balance money can be borrowed by the HNI at around per cent per annum—mega-sized IPOs with huge demand see a lower rate of interest—with the typical borrowing period being days depending on the IPO timeline.

So, the NBFC pockets the initial margin and the interest component even before the shares are allotted. The interest component on such issuances is in the range of 4. However, the overall quantum of financing would definitely come down as participation in terms of HNIs with a smaller quantum of bids will go up.

While NBFCs may lose out on business, it was never the focus area of the regulators. As mentioned earlier, the only aim was to reduce the exuberance witnessed in the HNI segment of IPOs and bring in some sanity. Pranav Haldea, Managing Director of Prime Database, a primary market tracker, believes some sanity will return to the IPO market, especially at a time when many issues saw their HNI portion getting subscribed multiple hundred times.

Interestingly, its retail segment was subscribed only What else would explain the times subscription in the HNI portion. Market veteran Arun Kejriwal believes this kind of dichotomy in terms of the response from different categories of investors will be a thing of the past going ahead. He says the regulatory moves will lead to a two-fold benefit as HNI bids will get more realistic and, more importantly for retail investors, pricing of IPOs would also be more realistic. The greater impact of the two moves put together would be that the pricing of IPOs would be much more realistic.

Listing of a new firm on the bourses is always looked upon with excitement, with investors keen to know how the public markets value the company. Price discovery is an important aspect of the stock markets, but leveraged HNIs hamper the process since the debut day sees intense selling pressure in the first few hours of the trading session.

This is primarily due to the fact that such HNIs subscribe to the shares only for listing-day gains. In fact, market participants say that at times even a good listing might not lead to HNIs making money as around per cent goes towards financing costs. Haldea believes that curtailing HNI financing would reduce the volatility on listing day. There will be lesser selling pressure that day, which will in turn lead to better price discovery.

In a similar context, Kejriwal says the pricing of IPOs, going forward, could be per cent cheaper than what they normally would have been if the RBI and Sebi measures were not there. Reason: there will be less money available to pump up demand. While one may have to wait and watch to see the real benefits in terms of sanity or pricing, one thing is for sure: the kind of artificial demand that was created using leveraged finance will certainly go down and genuine investors will reap the ensuing benefits.

Sign In. People resorted to multiple applications in their own name, and of their family and even staff, which was multiplied even further by applying under multiple combinations of each name. The technology those days did not enable easy weeding out of such multiple applications. Demat accounts in lakhs were opened, even in fake names. An amusing aspect here was that fake names and photos were picked up even from matrimonial sites!

When shares were allotted, they were sold, and the profits pocketed by the financier, with a fee presumably going to the mule. The case of Rupalben Panchal became a kind of flag bearer by which this scam became known. These methods were seen as a blatant abuse of the retail allocation rule for IPOs. Then, generally, there have regularly been cases of companies covertly financing their own IPOs, which is an offence under the Companies Act, Even GDR issues were found to be allegedly the subject of such manipulative financing.

Coming back to recent times, the question again is why should IPOs be a craze at all? However, it is the Reserve Bank of India that has made a far more impactful change, which could reduce IPO finance to a miniscule of what it is today. It can even be seen as arbitrary. The objective of RBI's mandate seems to be to control risk to the financial sector. To be fair, IPO financing does see huge leverage, which results in huge risks.

In comparison with financing purchase of shares, where a fair margin is kept, IPO financing is often multiple times the amount put in by the investor. On the other hand, this unreasonably low and absolute limit placed will prevent even well secured borrowings. A better step could have been tweaking the margin requirements for such financing. An exemption for such persons from this limit would have made sense.

Be as it may be, the fears of the industry seem to be well justified — that the RBI may well have delivered a near fatal blow to IPO financing. Download your money calendar for here and keep your dates with your moneybox, investments, taxes Jayant Thakur is a chartered accountant.

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See all results in Search Page Close search. No results have been found. See all results for. Creating a sustainable vendor management function 26 May Consulting. Link copied. Is your financial information ready for an IPO journey in India? Sandip Khetan. Related topics IPO Financial accounting advisory services. This should result in the issuer setting the best price it can get, leaving, at least in theory, just a bare reasonable margin for profit, and that too for the long-term investor.

Yet handsome profits are being made, and thus IPO financing is increasingly sought. It is no surprise that there would be serious disappointment, and even legal cases, if promised IPO finance does not materialise. In the heyday of the Harshad Mehta boom times, there was a flood of IPOs, with many giving handsome returns, while many being fly-by-night operations.

People resorted to multiple applications in their own name, and of their family and even staff, which was multiplied even further by applying under multiple combinations of each name. The technology those days did not enable easy weeding out of such multiple applications.

Demat accounts in lakhs were opened, even in fake names. An amusing aspect here was that fake names and photos were picked up even from matrimonial sites! When shares were allotted, they were sold, and the profits pocketed by the financier, with a fee presumably going to the mule.

The case of Rupalben Panchal became a kind of flag bearer by which this scam became known. These methods were seen as a blatant abuse of the retail allocation rule for IPOs. Then, generally, there have regularly been cases of companies covertly financing their own IPOs, which is an offence under the Companies Act, Even GDR issues were found to be allegedly the subject of such manipulative financing.

Coming back to recent times, the question again is why should IPOs be a craze at all? However, it is the Reserve Bank of India that has made a far more impactful change, which could reduce IPO finance to a miniscule of what it is today. It can even be seen as arbitrary. The objective of RBI's mandate seems to be to control risk to the financial sector. To be fair, IPO financing does see huge leverage, which results in huge risks. In comparison with financing purchase of shares, where a fair margin is kept, IPO financing is often multiple times the amount put in by the investor.

On the other hand, this unreasonably low and absolute limit placed will prevent even well secured borrowings.

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