Project Report

On
Effect of AI on students
Submitted in Partial Fulfilment of the Requirement of
Bachelor of Business Administration (BBA)

Project Guide Submitted By:

Dr. Vikas Dahiya Gaurav Kushwah
Designation: 01450501720
BBA 3rd Year

Submitted To:

BANARSIDAS CHANDIWALA INSTITUTE OF PROFESSIONAL STUDIES, DWARKA,

NEW DELHI

(Affiliated to Guru Gobind Singh Indraprastha University)

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 BONAFIED CERTIFICATE

This is to certify that as per best of my belief the project entitled “IPO Analysis in Indian Stock
Market” is the bona-fide research work carried out by Gaurav Kushwah #01450501720 student
of BBA, BCIPS, Dwarka, New Delhi during March 2023–May2023, in partial fulfillment of the
requirements for the Degree of Bachelor of Business Administration.
He has worked under my guidance.

--------------------
Name
Dr. Vikas Dahiya
Date:

Counter signed by

-------------

Dr. Davinder Sharma

Date:

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Declaration

I hereby declare that this Final Research Project Report titled “IPO Analysis in Indian Stock
Market” submitted by me to Banarsidas Chandiwala Institute of Professional Studies, Dwarka is
a bona-fide work undertaken during the period from March 2023 to May 2023and has not been
submitted to any other University or Institution for the award of any degree diploma / certificate
or published any time before.

(Signature of the Student) Date: / / 2022

Name: Gaurav Kushwah
Enroll. No.: 01450501720

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 ACKNOWLEDGEMENT

It is in particular that I am acknowledging my sincere feeling towards my mentors who graciously

gave me their time and expertise.

They have provided me with the valuable guidance, sustained efforts and friendly approach. It
would have been difficult to achieve the results in such a short span of time without their help.

I deem it my duty to record my gratitude towards Dr. Vikas Dahiya sir who devoted her precious
time to interact, guide and gave me the right approach to accomplish the task and also helped me
to enhance my knowledge and understanding of the project.

Gaurav Kushwah
01450501720

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 Table Of Content

S. NO Particulars Page No.

1. Chapter-1 (Introduction & Literature Review)

 Introduction
 History
(Theorical concept about the topic such as Importance,
Functions, Types Roles) etc.

2. Chapter-2 Statement of Research Problem

3. Chapter-3 Literature Review

4. Chapter-4 Research Objectives and Scope of study

5. Chapter-5 Research Design

6. Chapter-6 Data Analysis

7. Chapter-7 Findings and conclusion

8. Chapter-8 Suggestions

9. Chapter-9 Limitations and Bibliography

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 CHAPTER – 1

INTRODUCTION

A capital market is a financial market in which long-term debt or equity backed securities are
bought and sold. Capital markets channel the wealth of savers to those who can put it to long-
term
productive use, such as companies or governments making long-term investments. Financial
regulators like Securities and Exchange Board of India (SEBI), Bank of England (BoE) and the
U.S. Securities and Exchange Commission (SEC) oversee capital markets to protect
investors against fraud, among other duties. Modern capital markets are almost invariably hosted
on computer-based electronic trading platforms most can be accessed only by entities within the
financial sector or the treasury departments of governments and corporations, but some can be
accessed directly by the public. A capital market can be either a primary market or a secondary
market. In primary market, new stock or bond issues are sold to investors, often via a mechanism
known as underwriting.

In recent years, there has been a tremendous increase in the number of Indian firms which went
public. These firms aim to obtain funds for various purposes such as expansion, diversification,
financing their working capital needs, purchasing an asset, debt reconstruction, etc. One of the
major sources of raising required funds for these firms is by opting for an Initial Public Offer
(IPO). Chauhan defined an IPO as a process of selling of securities to the public in the primary
market.
Since opening up of the economy in 1991, the Indian IPO has witnessed various reforms, policy
changes, technological advancements and restructuring. As a result, the Indian IPO market has
been booming tremendously as the number of companies going public and issuing equity shares
in the capital market have increased rapidly. Narang (2017) said that issuing companies
rigorously try to achieve full subscription by attracting all the potential investors and aim at
fixing the prices of IPO in a better way by strengthening their understanding of the price
behavior of IPOs.

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The year 2017 can be regarded as the golden year for the Indian IPO market as the total capital
mobilized through IPOs hit a 6-year high in 2017. A total of US$11.6 billion was raised by over
150 companies, including small- and medium-sized enterprises, the highest since 2011. The year
2017 saw many of the IPOs giving investors positive returns with few of them giving as high as
500 per cent returns during the same day. On the other hand, nearly 50 per cent of the companies
which issued IPOs in 2017 outperformed the market since their issuance. This clearly indicates
that when compared to equity market, the risk faced by the investors in the primary market is not
any lower. Thus, this shows that the odds are clearly against the investors and they need to take
utmost caution while investing in IPOs today.

Due to the existence of high risk while investing in an IPO, the investors face a dilemma of
whether to invest in IPOs or not and thereby come across various questions such as what are the
various factors that affect the post-IPO performance? What should be the time horizon for
investment in IPOs to maximize the returns in short run? How is the valuation of IPOs done?
Thus, the study has been undertaken
To analyze the initial day returns as well as following days return over and above the benchmark
index for selected companies issuing IPO in 2017 by using event study methodology and to
identify various factors that influence the return performance of IPOs in Indian Stock Market.

IPO Process in India

As an investor, you must have endeavored to find a suitable opportunity for investing
in upcoming IPO’s. But do you know about the initial public offering process? Well, knowing
about the IPO process in India will certainly enhance your knowledge. Read on to know more.

Understanding The Need For IPO Process

A company can change itself from a privately-held body to a publicly-traded entity through the
process of Initial Public Offering (IPO). Typically, companies offer IPO to raise money and get
access to liquidity by offering their stocks/shares to the public. Companies have to abide by the
IPO process in India - as stipulated by stock exchanges - before its shares are eligible to be
publicly traded. This process is often complicated and long-drawn.

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IPO Process Steps:
Step 1: Hiring of An Underwriter Or Investment Bank
To start the initial public offering process, the company will take the help of financial experts,
like investment banks. The underwriters assure the company about the capital being raised and
act as intermediaries between the company and its investors. The experts will also study the
crucial financial parameters of the company and sign an underwriting agreement. The
underwriting agreement will usually have the following components:

 Details of the deal

 Amount to be raised
 Details of securities being issued

Step 2: Registration For IPO

This IPO step involves the preparation of a registration statement along with the draft prospectus,
also known as Red Herring Prospectus (RHP). Submission of RHP is mandatory, as per the
Companies Act. This document comprises all the compulsory disclosures as per the SEBI and
Companies Act. Here’s a look at the key components of RHP:

 Definitions: It contains the definitions of the industry-specific terms.

 Risk Factors: This section discloses the possibilities that could impact a company’s
finances.
 Use of Proceeds: This section discloses how the money raised from investors will be
used.
 Industry Description: This section details the working of the company in the overall
industry segment. For instance, if the company belongs to the IT segment, the section
will provide forecasts and predictions about the segment.
 Business Description: This section will detail the core business activities of the
company.
 Management: This section provides information about key management personnel.
 Financial Description: This section comprises financial statements along with the
auditor's report.

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  Legal and Other Information: This section details the litigation against the company
along with miscellaneous information.

This document has to be submitted to the registrar of companies, three days before the offer
opens to the public for bidding. Alongside, the submitted registration statement has to be
compliant with the SEC rules. Post-submission, the company can make an application for an IPO
to SEBI.

Step 3: Verification by SEBI:

Market regulator, SEBI then verifies the disclosure of facts by the company. If the application is
approved, the company can announce a date for its IPO.

Step 4: Making An Application To The Stock Exchange

The company now has to make an application to the stock exchange for floating its initial issue.

Step 5: Creating a Buzz By Roadshows

Before an IPO opens to the public, the company endeavors to create a buzz in the market by
roadshows. Over a period of two weeks, the executives and staff of the company will advertise
the impending IPO across the country. This is basically a marketing and advertising tactic to
attract potential investors. The key highlights of the company are shared with various people,
including business analysts and fund managers. The executives adopt various user-friendly
measures, like Question and Answer sessions, multimedia presentations, group meetings, online
virtual roadshows, and so on.

Step 6: Pricing of IPO

The company can now initiate pricing of IPO either through Fixed Price IPO or by Book Binding
Offering. In the case of Fixed Price Offering, the price of the company’s stocks is announced in
advance. In the event of Book Binding Offering, a price range of 20% is announced, following
which investors can place their bids within the price bracket. For the bidding process, the
investors have to place their bids as per the company’s quoted Lot price, which is the minimum
number of shares to be purchased. Alongside, the company also provides for IPO Floor Price,
which is the minimum bid price and IPO Cap Price, which is the highest bidding price. The
booking is typically open from three to five working days and investors can avail the opportunity

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of revising their bids within the stipulated time. After completion of the bidding process, the
company will determine the Cut-Off price, which is the final price at which the issue will be sold.

Step 7: Allotment of Shares

Once the IPO price is finalised, the company along with the underwriters will determine the
number of shares to be allotted to each investor. In the case of over-subscription, partial
allotments will be made. The IPO stocks are usually allotted to the bidders within 10 working
days of the last bidding date.

Other Factors That The Company Consider Before The Initial Public Offering Process Is
Complete:
Yes, any company will endeavour to prevent company insiders or internal investors from
participating in the IPO process. Remember, company insiders trading in their own shares can
disrupt the demand and supply balance. Not only does this measure protect retail investors from
manipulated offer prices but also prevents fraudulent company officials to fob off overpriced
stocks at the expense of general investors. This measure also helps to fend off additional selling
pressure from inside, and thus sustain the market price of shares.

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 CHAPTER 2

Statement of the problem

The study was undertaken to analyze the financial performance of IPO in selected companies.
Performance of IPO is important and necessity to the companies to raise the capital quickly by
reaching a large number of investors. A company can then use that cash to further the business,
be it in the form of research, infrastructure, or expansion. Evaluating the performance and trends
of IPO helps to see whether IPOs offer better investment opportunities or not.

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 CHAPTER 3
LITERATURE REVIEW

1. Dr. A. S. Ambily, Gayatri Krishna, Aswathy K, and Deepa Balakrishnan worked on

examination used information from the NSE website to conduct a study on the execution of
initial public offerings on the NSE from issue cost to last exchanging value in the years 2013-
2015. A study on the execution of initial public offerings on the NSE from issue cost to last
exchanging cost was the most important factor examined. When the issue price and final
exchange price are considered, the clear majority of financial backers prefer to acquire at a
cheaper rate. The rate return displays the rate of return over a certain period of time. The
investigation's conclusion is that the final exchange rate will always be greater than the issue
rate.
2. Aloysius Edward J (2019): In this article the researcher analyzed that the capital market
promotes economic growth through promoting savings and increases productivity. One of the
major reforms is the primary market including IPOs started emerging as one of the foremost
sources of funds for Indian companies and also an important opportunity for retail investors to
apportion their funds for higher return. To address one of issue in this paper SEBI has changed
the basis of allotment of IPO to retail investors from pro-rata basis to lottery method
Since 2012. Two methods are widely used for an IPO, book building and fixed price issue. Out
of 132 companies raised funds through IPO 14 companies are taken for study based on its issue
size. It is found that the companies which had listing gain also had current market price gain. The
companies which had substantial oversubscription had both listing and current market price gain.

3. Ashish Kumar Suri and Bhupendra Hada (2018) in their paper stated they considered 107
IPOs launched during the period 2011 to June 2017 on the basis of two performance indicators
i.e., over-subscription and listing day gains. This study aims at comparing the performance of the
IPOs for two periods January 2011-May 2014 and June 2014-June 2017. The results of the study
shows that the performance of the IPO’s launched during the period 2011-May 2014
significantly differs from the performance of the IPO’s which were launched between June 2014-
June 2017. It was also examined that the number of IPO’s and the Fundraised through them also
differ considerably for the two periods.

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4. Garima Baluja, Balwinder Singh (2016): In their research paper stated IPO market has
witnessed vast fluctuations in the post SEBI era. Still several new issues have entered the market
during this period, and only a few managed to survive well. A lot of researchers have verified the
aftermarket performance of such IPOs; however, the phenomenon of IPO's survival has remained
a neglected issue in India. Therefore, the need arises to probe the factors behind and the success
and fiasco of new issues in the market. The purpose of this paper is to critically analysis the
voyage of IPOs in terms of their survival in the aftermarket
5. S. Poornima, AalaaJ.Haji, Deepa (2016) Initial public offerings are gaining importance
worldwide as an important source of funds for the companies to accelerate their growth by using
the mobilized funds to implement innovative strategies as well as considered as an important tool
for investment since it offers huge profits on the listing day. In this study the short run
performance of the companies is analyzed to understand the anomaly of abnormal returns as well
long term performance to analyze the performance of the IPO’s in the long run. The period of
study is from Jan 2013 – Dec 2014. The sample for the study includes 9
Companies listed in National Stock Exchange of India pertaining to the study period. The results
of this study will throw light on the performance of the IPO’s which are majorly considered as a
speculative tool and hence aid in better decision making for the investors. The findings will also
help conclude if IPO can be a long term investment tool or a speculative Opportunity to earn
booming profits.
6. Gowtham Ramkumar (2017): In their article “Influences of stock market factors on investors
perception” concluded that whether factors influencing investor perceptions has an important
impact on their investment choices and which can advantage people dealing in stock exchanges.
7. Sahoo and Rajib (2010) studied the price performance of 92 IPOs issued during the years
2002–2006 up to a period of 36 months including listing day. The study found that Indian IPOs
were underpriced by 46.55 per cent on listing day when compared to market index. The study
also brought to light that investors who invested in the IPOs through direct subscription earned
positive returns throughout the 36 months and the investors who invested in IPOs on listing date
earned negative return up to 12 months after which they earned positive returns.
8. Pande and Vaidyanathan (2009) found a positive relationship between first day underpricing
and listing day, money spent by companies on marketing and demand generated during book
building process

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9. Shelly and Singh (2008) studied the relationship between oversubscription and various
variables for 1,963 IPOs listed on BSE. They found that there existed a positive relationship
between underpricing, reputation of lead manager, the age of the company and oversubscription
for selected IPOs.

10. Ishwara (2009) studied the performance of 107 IPOs during the financial year 2007–2008.
The study found that only 86 companies recorded positive returns on both NSE and BSE on the
listing day and the remaining stocks recorded negative returns. They also found that during
bullish market conditions majority of the companies were traded for high prices and provided
positive returns to the investors.

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 CHAPTER 4
Objectives of the study

1. To conceptualized the concept of capital market in IPO

2. To know the status of subscription of IPOs of companies listed in Indian Index.
3. To evaluate the performance of different companies from different sector, which are listed in
Indian index
4. To statistically examine relationship oversubscription ratio and listing day gain.
5. To analyze post-IPO performance of selected companies.
6.To analyze the impact of various variables such as age of the companies, issue size of the IPO,
ownership holding of such companies and the promoter’s holdings after the issue on abnormal
and total returns of selected Indian IPOs.
7. To know about the people’s mindset towards IPO that whether they invest for longer term or
just listing day gains.

Scope of the study

1. This analysis can increase the knowledge of investors.

2. The analysis can show which profession majorly invest in stock market
3. The analysis can show that people are inclined towards listing gains or long-term gains
4. The study can show the most demanding application for investing
5. Understanding the IPO can be a long-term investment tool or a speculative opportunity to earn
booming profits.

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 CHAPTER 5
RESEARCH DESIGN

The procedure adopted for conducting the research requires a lot of attention as it has direct
bearing on accuracy, reliability and adequacy of results obtained. It is due to this reason that
research methodology, which we used at the time of conducting the research, needs to be
elaborated upon.
it may be understood as a science of studying how research is done scientifically. So, the
research methodology not only talks about the research methods but also considers the logic
behind the method used in the context of the research study.
Primary data
Refers to the data that is fresh and collected for the first time. It refers to the data collected by the
researcher and original in character.
Personal discussion was adopted for collection of primary data from Share khan Ltd. Such as
information of Capital market in India, details of Trading, Initial Public Offerings (IPO) and
Stock Market (i.e. BSE & NSE) related information.
Secondary Data
Secondary data is the information that already exists. The source of secondary data were
collected from various published sources like text books, journals, articles, annual reports and
company websites etc.

Sampling Design

Total of 172 Responses were collected with the help of a Questionnaire prepared through Google
form and circulated between the age gap of 18 – 35 as sample size
Because mostly this age gap is known to be investing very actively in the Indian Stock Market.
Mostly people of Delhi NCR was there who filled the questionnaire.

Questions were demographic and dichotomous questions were present to know about the status
of people investing in Indian Stock Market.

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 CHAPTER-6
Data Analysis
There are many situations in everyday life where the researcher is interested in presenting certain
characteristics of data without using complex mathematical calculations. This type of presentation
can be done by means of graphs and diagrams. A common man generally dislikes numerical
statements and has preferences and love for pictures.
Under my graphical presentation I have written findings in every question. So, this finding is not
given in other places.
I have made a questionnaire having 20 questions and I have included various kinds of people
opinions under my research. There were only 172 sample size.
I have given some space to know my respondent suggestion or comment about Amazon’s
advertisement strategy & its impact on its Consumers but some of the respondent refused to
write anything.

Data processing, analysis and Interpretation -:

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 Interpretation of the Result

Q1. 58% Of the people analyzed invest in stock market, whereas rest 42% do not invest in stock
market.
Q2. 45% Of the people analyzed invest in IPOs, rest 55% do not prefer to invest in IPOs
Q3. Most people prefer analyzing performance of the company before applying into their IPOs
Q4. 54% of the people invest in IPO for listing gains, rest 46% of the people invest in IPO for
long terms gains.
Q5. 55% Of the people follow grading process before investing in IPOs
Q6. Majority have gained between 10-20% investing in IPOs
Q7. 48% people face difficulty in knowing that they have been allotted shares or not.
Q8. People feel that process of investing in IPOs is moderate
Q9. Majority of people invest through online mode.
Q10. 54% people rely on online applications like Zerodha.
Q11. Most people use Paytm and Zerodha for investing money.
Q12. Talking about the trust on 3rd party applications people have mixed views.
Q13. Mixed reviews were found on the listing day gain and losses
Q14. Majority people do not keep Grey Market Price in mind before applying in IPOs
Q15. Majority people is not applying in the latest LIC IPO
Q16. Delhivery, LIC, Go Airlines are in demand currently in the IPO market

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Q17. Market conditions affect half of the people in their decisions of applying in an IPO
Q18. Volatility of the market effects people majority
Q19. Mixed views on Private > Government IPOs
Q20. Majority people believe that LIC IPO will not make gains in the Indian Stock Market.

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 CHAPTER 7
FINDINGS

1: Indian IPOs are underpriced in the short run.

2: There exists significant impact of various variables (age of the company, issue size of the
IPO, ownership sector and the promoter’s holdings after the issue) on the initial returns,
abnormal returns and normal returns of 1st day and 30th day of all the selected IPOs.

3: There is a significant difference among the mean abnormal returns and total returns of 1st
day, 5th day, 9th day, 15th day and 30th day of selected Indian IPOs.

CONCLUSIONS
The study employed to empirically analyses whether the Indian IPOs are underpriced in short run
or not and to determine whether various independent factors such as age of companies, size of
the issue, promoter’s holdings post-issue and ownership sector have an impact on the total and
abnormal returns of the selected companies. The initial public is an opportunity for the
company to procure capital from the primary market. Risk of undersubscription has been
reduced by intervention of underwriters by providing assurance to the companies issuing IPO
and making it more successful. The success of IPO depends on various factors such as day of
issue, price of share to be used, projected earnings, and cash flow, IPO grading, the goodwill of
the underwriters etc. The study found that IPO which are under-pricing are yielding higher
returns. It is inferred that the closing price of the listing day is higher than the issue price on the
listing day (Po >P1). It helps to boost demand and maintain price stability in the secondary
market. Finally, the study suggests the investors to sell the shares that are overpriced by the end
of the listing day to minimize the losses and further the investors can hold investment for more
than one year for better returns that are under-priced. The long-term returns are more promising
when compared with the short term. If the investors buy the shares of the companies on
the listing day and hold them for long term, there is a high possibility of making good
returns.

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 CHAPTER-8
SUGGESTIONS

1. Dig Deep for Objective Research: Getting information on companies set to go public is
tough. Unlike most publicly traded companies, private companies do not usually have
swarms of analysts covering them, attempting to uncover possible cracks in their
corporate armor.
2. Pick a Company With Strong Brokers: Try to select a company that has a strong
underwriter. We're not saying that the big investment banks never bring duds public, but,
in general, quality brokerages are more likely to be associated with quality.
3. Always Read the Prospectus: We've mentioned not to put all your faith in a prospectus,
but you should never skip perusing it. It may be a dry read, but the prospectus, which can
be requested from the broker responsible for bringing the company public, lays out the
subject’s risks and opportunities, along with the proposed uses for the money raised by
the IPO.
4. Be Cautious: Skepticism is a positive attribute to cultivate in the IPO market. As we
mentioned earlier, there is always a lot of uncertainty surrounding IPOs, mainly because
of a lack of available information. Consequently, you should always approach them with
caution.
5. Consider Waiting for the Lock-Up Period to End:The lock-up period is a legally binding
contract,3lasting three to 24 months, between the underwriters and company insiders that
prohibits investors from selling any shares of stock for a specified period.

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 CHAPTER 9
LIMITATIONS

1. The study is restricted only to the companies which are listed in NSE.
2. non-availability of data of certain companies.
3. Due to De-listing of companies their analysis is not being made.

BIBLIOGRAPHY

Ambily, D., Krishna, G., Aswathy, K., & Balakrishnan, D. (2016). A study on performance of
IPO’s under NSE from issue price to last trading price in the year 2013–2015. Global Journal of
Finance and Management.
[2] Samanta, P. K., Dam, S., Saluja, R. S., Bansal, S., & Chhabra, N. (2018). Short-Run
Performance Analysis of IPOs in the Indian Market. IUP Journal of Management Research.
[3] DEMO, A. P. M. (2009). Price Performance of IPOs in Indian Stock Market (Doctoral
dissertation, THAPAR UNIVERSITY PATIALA).
[4] Poornima, D., Haaji, A., & Deepha, B. (2016). Study on the performance of initial public
offering of companies listed in NSE, India & Gulf Base GCC Index. International Journal of
Research in Finance & Marketing.
journals.sagepub.com
https://www.nseindia.com/
http://www.chittorgarh.com/
Shelly, Singh, B. (2008). Oversubscription and IPO Underpricing: Evidence from India. The
ICFAI Journal of Applied Finance.
Poornima, D., Haaji, A., Deepha, B. (2016). Study on the performance of initial public offering
of companies listed in NSE, India & Gulf Base GCC Index. International Journal of Research in
Finance & Marketing.

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 ANNEXURES

Questionnaire
Name-:
Email Id-:
Gender
 Male
 Female
Occupation
 Business
 Service
 Profession
 Self-Employed
 Broker
Family Income-:
 Less than 8 lakhs
 8L – 15L
 15L and above
Q1 Do you invest in Indian Stock Market?
 Yes
 No
Q2 Do you invest in IPOs?
 Yes
 No
Q3 What do you see before investing in an IPO
 Promoter’s Background
 Sector performance
 Performance of existing company
 Premium account
Q4. How long do you investing in IPOs.

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  0-2 years
 2-5 years
 5-10 years
Q5. Do you go by the grading before investing
 Yes
 No
Q6. How much % have you gained on IPO investing.
 10%
 10-20%
 20% and above
Q7. What difficulties did you faced while applying in IPOs.
 Refund problem
 Delay in crediting allotted shares
 No clarity in allotted
 None
Q8. How do you feel about the procedure for IPOs.
 Easy
 Difficult
 Moderate
Q9 Which mode do you use while applying in IPOs?
 Offline
 Online
Q10 If online, what you prefer?
 Using Banking application
 Applications like Zerodha
Q11 Which application do you use?
 Upstox
 Zerodha
 Paytm
 Grow

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Q12 Do you trust these 3rd party applications
 Yes
 No
Q13 How has your experience been in investing IPOs?
 Not much gains
 Heavy gains
 Loss on the listing days
Q14 Do you prefer looking at the Grey Market Price before investing in IPOs?
 Yes
 No
 Maybe
Q15 Will you be investing in the LIC IPO?
 Yes
 No
 Maybe
Q16 In 2022 various IPOs are coming, which IPO you are looking forward with?
 LIC
 Delhivery
 Go Airlines
 PharmEasy
 Mobi Kwik
 Ixigo
 Pharm Easy
 Boat
 Oyo
 Ecom
 Ola
 Byjus
 Swiggy
Q17 Do you consider the market conditions before investing?

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  Yes
 No
Q18 Does volatility affects your decision to apply IPO?
 Yes
 No
Q19 Do you feel that private companies are performing better in IPOs?
 Yes
 No
Q20 By looking at the records of previous Gov IPOs, do you feel that LIC upcoming IPO will fail
too?
 Yes
 No

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