First seven months saw 70 public issues, IPO & FPO (56 last year).

85% of June mop-up was made between 14th and 22nd.

India Inc is estimated to have raised about Rs 35,324 crore through a spate of initial public offerings (IPOs) and follow on public offerings (FPOs) between January and July 2007, almost 165 per cent higher than the year-ago period.

“The mobilisation so far this year has been outstanding, and has crossed the previous records. However, the turbulence witnessed in the markets recently could prompt companies to hold their public issue plans for the time being,” Mr Prithvi Haldea, Managing Director, PRIME Database, said.

According to PRIME, the first seven months of the year saw 70 public issues — IPO and FPO combined — against 56 issues that hit the market in the same period previous year, when the companies had raised Rs 13,329 crore.
Line-up

Amongst the significant public issues this year were FirstSource Solutions, Idea Cellular, Spice Communications, Housing Development and Infrastructure Ltd (HDIL), and a mega FPO by ICICI Bank.

Real estate major DLF Ltd ended up raising Rs 9,187.5 crore from its recently-concluded public offer, with issue price fixed at Rs 525 per share. It is pertinent to mention here that the month of June itself saw record mobilisation of Rs 22,503 crore, with the week of June 14 to June 22 accounting for almost 85 per cent of the month’s mop-up (Rs 19,250 crore).
Market volatility

However, the stock market has been choppy over the last few days, prompting Bangalore-based real estate firm Puravankara Projects Ltd to revise its offer price band downward to Rs 400-450 a share from Rs 500-525, on Friday.

Given volatility in the global and Indian markets, the issue could not get subscribed in the price band of Rs 500-525. The closing date of the offer was also extended by five days to August 8.

“The situation now is similar to May last year, when the Deccan Aviation issue was re-priced. However, it is too early to speculate on the performance for the rest of the year and companies too are in a wait-and-watch mode,” he said.