IPO Rush & Records: 41 companies file papers in Sept, 15 in one day
IPO) draft prospectus with the Securities and Exchange Board of India (Sebi) on September 30 as it was the deadline to submit the documents with the audited financial statements for the quarter ended March 31, 2024.
A record 15 companies registered their IPO documents on the last day of September, taking the total filings for the month to 41 — the highest ever recorded in a single month.
«The surge in DRHP (Draft Red Herring Prospectus) filings on September 30 is also because audited financials for the quarter ending March 31 are valid only until September 30,» said Dharmesh Mehta, MD & CEO of DAM Capital.
The previous monthly record for Draft Red Herring Prospectus (DRHP) filings was in September 2010, when 34 companies submitted their documents, according to data from the Prime Database. In August 2021, 27 companies filed, while September 2007 saw 26 filings. There were two other instances — March 2010 and September 2021 — when 22 companies filed for IPO drafts in a month.
The rush among companies to tap the IPO market is on account of the buoyant secondary markets and strong investor demand.
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