Business Daily from THE HINDU group of publications
Thursday, May 21, 2009
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Business Daily from THE HINDU group of publications Thursday, May 21, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stock Markets Markets - Stocks 
S. Hamsini Amritha The strong 75 per cent rally in the Sensex from its March low is giving IPO investors in 2007 and 2008, who had all but lost hope, some reason to cheer. About 32 of 126 companies that made IPOs over the last two years are now trading above their issue prices, a significant change from a couple of months ago when all of them were in the red. That suggests that one out of four companies that made their entry into the stock markets in 2007 and 2008 are delivering some profits, thanks mainly to “Golden” Monday. Alkali Metals, Power Finance Corporation, Power Grid Corporation and ICRA are the ones that gained the most from their issue price. Predictably, more companies who made IPOs in 2007 have been able to cut their losses and come back into the positive territory. Year 2007 witnessed the market being flooded with IPOs. As many as 93 IPOs took place in that year, while 2008 saw 33 companies taking this route to enter the public domain. Mundra Port, Koutons Retail, Power Grid Corporation, Indian Bank and Power Finance Corporation are some of the high-profile public offerings that took place that year that are now in the green. While these stocks have managed to stage a marginal comeback from IPO prices in Tuesday’s trading session, stocks such as DLF, Omaxe, Purvankara Projects, Vishal Retail and Idea Cellular continue to stay below their IPO prices. Alkali Metals, Austral Coke and Projects and Rural Electrification Corporation emerge as 2008’s top performing IPOs and are currently trading well above their offer prices. On the other hand, the much-talked about initial offerings such as Gammon Infrastructure, IRB Infrastructure, OnMobile and KSK Energy Ventures are trading well below their IPO levels. More Stories on : Stock Markets | Stocks | IPOs
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