Mumbai: India’s capital market will witness one of the busiest fortnights in its history because six companies have lined up to collect around RS 31,400 Crore on November 10, operating under the Paytm brand, which aims to raise Rs 18,300 crores.
Paytm has provided IPO shares in the band per share of Rs 2,080-2,2,150, which shows an assessment of around $ 20 billion.
This will make the greatest IPO paytm in the history of the country.
Until now the biggest IPO in India is an offer of Rs 15,500 Crore by Indian coal in October-November 2010.
According to market sources, this can have two main implications for Dalal Street and the economy.
First, there are concerns among traders that the flood IPO can force some investors to reduce some of their portfolios and divert the money to invest in this offer, especially for a list of advantages.
Second, the inflow of foreign funds, is estimated to be around 40-50% of the total bidding, can mean Rs 12,000-15,000 forex inflows.
This, in turn, can help appreciate rupees.
On Thursday, even though it was sold sharply on the stock market, the domestic currency was closed 11 Paise stronger at Rs 74.92 to one dollar.
Usually, stock market days gliding sharply, Rupees also weakened against major currencies such as US dollars, euros, pound sterling and Japanese yen.
Thursday’s strength in the domestic currency occurred despite net sales of Rs 3,819 crore by foreign funds, BSE data showed.
According to a note by the Global Forex Advisory Company, the power of Rupee is “because foreign banks sell US dollars for foreign investment to Indian companies that raise funds through initial public offering”.
Besides the listing of large tickets, three higher IPOs also lined up after this got a green signal in the past few weeks.
Adani Wilmar is eyeing Rs 4,500 Crores, one Mobikwik is expected to raise Rs 1,900 Crores and the size of the offer for star health is expected to be more than RS 3,000 Crore, said market source.
This offer can open anytime now, the trader banker said.
The government also plans to register life insurance giants before the end of the fiscal year through the IPO.
This offer is expected to collect anything between Rs 70,000 Crore and Rs 1 Lakh Crore, the trader banker said.