IPO pipeline dries up
The Indian markets continue to be in correction mode, and the most recent IPOs at the NSE are suffering as well:
- SMS Pharmaceuticals Limited, listed Feb 28 at Rs 398, trading at Rs 328
- Indian Bank, listed Mar 1 at Rs 91, trading at Rs 92
I bet that we’ll see the IPO pipeline dry up quickly - there are only 2 new ones at the NSE. If the market doesn’t bounce with conviction soon, we may even see some of the open offers withdrawn, as happened in June 2006.
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