MUMBAI: It is a paradox. While initial public offerings (IPOs) are evoking frosty responses from investors at the moment, India is being lauded as the saviour of the ailing global IPO market with $3.3 billion worth of proceeds from eight deals. This makes India the largest IPO market in the world so far this year.
According to Thomson Financial, the bulk of the volumes came from the biggest IPO deal so far this year — Reliance Power's $3 billion IPO on January 21.
Meanwhile, Emaar MGF yet again lowered its price band as the bidding process has been extended by three days to February 11. The revised price band stands at Rs 530-630, against Rs 540-630 earlier. Emaar MGF’s IPO, at $1.6 billion is estimated to be the second largest IPO in the world so far this year, behind Reliance Power's $3 billion IPO.
The price band has been revised considering the prevailing market sentiments and the developments in the financial markets in India and globally, sources close to the development told ET. The company had started off with a price band of Rs 610-690 for its initial public offering of 10.25-crore equity shares of Rs 10 face value.
As per NSE data on February 6, Emaar MGF’s QIB portion was subscribed 0.87 times, the non-institutional investors category, 0.98 times and retail, 0.41 times.
According to Thomson Financial, the bulk of the volumes came from the biggest IPO deal so far this year — Reliance Power's $3 billion IPO on January 21.
Meanwhile, Emaar MGF yet again lowered its price band as the bidding process has been extended by three days to February 11. The revised price band stands at Rs 530-630, against Rs 540-630 earlier. Emaar MGF’s IPO, at $1.6 billion is estimated to be the second largest IPO in the world so far this year, behind Reliance Power's $3 billion IPO.
The price band has been revised considering the prevailing market sentiments and the developments in the financial markets in India and globally, sources close to the development told ET. The company had started off with a price band of Rs 610-690 for its initial public offering of 10.25-crore equity shares of Rs 10 face value.
As per NSE data on February 6, Emaar MGF’s QIB portion was subscribed 0.87 times, the non-institutional investors category, 0.98 times and retail, 0.41 times.
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