Economy News Details
There is sharp rise in initial offers, as 30 companies filed draft red herring prospectuses (DHRP) with Securities and Exchange Board of India (SEBI) during September 2009. This is a sharp increase from six in August and three in July this year. Moreover, the SEBI received eight filings in September last year and the month the Lehman Brothers meltdown brought the world economy down.
Enam Securities alone has filed DRHPs on behalf of 10 companies in the last two weeks of September this year. Senior vice-president at Enam Securities, Pankaj Jaju, said, "There was almost no activity till June. With the Sensex moving up sharply, there has been a clubbing of DRHPs by all those who have been waiting in the wings for a long time."
However, some concerns are also there. Most of the IPOs so far received enthusiastic response, but the stocks' performance has been uninspiring after listing.
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