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IPOs tipped to make a comeback amid reform push

By Religare
IPOs tipped to make a comeback amid reform push
After staying muted for the better part of the year, India's IPO (Initial Public Offerings) market is tipped to get back on track with a number of companies eying the capital market route to raise funds. A sea of bold and quintessential economic reforms announced by the government in the past two months has improved investor sentiment and brought back FII's into the public issue market.

An upbeat trend in the Indian secondary markets in recent weeks is encouraging companies to hit the market and capitalize on the currently favourable investor sentiment.

Data from Indian capital market regulator SEBI (the Securities and Exchange Board of India) shows that a minimum five companies had filed IPO papers with SEBI in the last two months, and are currently awaiting the regulator's nod to go ahead with the issue.

The companies that filed offer papers with SEBI since September include Calyx Chemicals and Pharmaceuticals, Bharat Agro Products, SMC Global Securities, Bharti Infratel and GB Tools and Forgings.

Big companies such as retail chain operator Spencer, Satellite TV broadcast services subsidiary of Videocon Group's Videocon D2H and Tata Sky are also planning to take the IPO route in the near-term for raising finds to meet their capital expansion needs and working capital requirements.

Experts say that the government's recent reform push has boosted economic and investment outlook in Asia's third largest economy, improving IPO prospects.

The benchmark Sensex has notched up gains of over 6 per cent or 1,125 points in the past two months as the FII's poured in nearly Rs 30,000 crore into the stock markets after the government committed to key economic reforms.

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