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Ipos in India Report
Ipos in India Report
Ipos in India Report
Performance highlights
FY 2017 to FY 2019
October 2019
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Foreword
The Indian capital markets have direct listing of Indian companies in January 2019. The rate is at
seen a fair amount of activity in overseas, amongst others. At the its lowest level since 2016. The
the last three years. While the same time there is a heightened revision has been driven by the
markets have moved largely in focus on compliance – not just trade tensions involving United
sync with the ebbs and flows compliance in letter, but in the States, China, Mexico and
of the economy, there have spirit of the regulations, and European nations, which have
been several developments on greater accountability for access impacted global investments.
the regulatory front that will to and use of public capital. With a number of countries
enable greater integration of our Some examples of this include reporting inverted yields on bonds,
economy with the global economy the continuing evolution of the there are murmurs of another
and further easing the flow of Regulations related to corporate global recession impacting market
capital across borders. governance pursuant to the sentiments globally.
recommendations of the Kotak
On its part SEBI continues to On the positive side, there
Committee, prohibition of insider
play a proactive role in driving remains a healthy pipe line of
trading, fair market conduct and
forward reforms and ease of companies looking to raise capital
framework for regulating conduct
doing business in the Indian in the primary markets. With a
of intermediaries.
capital markets. These include stable government in India, policy
forward looking changes such With reference to the global reform is expected to pick up
as enabling issuance of shares economy, the World Bank recently pace and should set the stage
with differential voting rights, revised its growth rate forecast for a pick-up in primary market
changes to the start-up listing for 2019 to 2.6 per cent, down activities even as an increasing
norms, proposed framework for from its 30 bps higher projection number of unicorns and startups
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mature to becoming public listed Our inaugural study on the
entities. SEBI has also pushed primary issuances in the Indian
for adoption of newer platforms markets provides some insights.
and structures, including the Real We hope you find this interesting
Estate Investment Trusts (REIT) and relevant.
and Infrastructure Investment
Trusts (InvIT), both of which
have now debuted in the Indian
market, but still have some way
to go before being considered
as mature. Both SEBI and the
government are working on other
initiatives to make the capital
markets deeper and attract more
sources of capital.
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© 2019 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
About the report
This publication is an analysis of the performance of
equity IPOs that were listed on the main exchanges
i.e. Bombay Stock Exchange (BSE) and National Stock
Exchange (NSE) during the three Financial years ended
31 March, 2017 (FY17); 31 March, 2018 (FY18) and 31
March, 2019 (FY19).
The publication analyses the relative performance of
IPOs of the 85 companies that were listed during FY17,
FY18 and FY19, across various parameters including but
not limited to their listing performance, the use of funds
raised and cost of issue.
© 2019 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
01 | IPOs in India
Executive
The Indian stock market The S&P BSE SENSEX gained 9.4
performance in FY19, was marked per cent01 towards the end of the
by outperformance, correction and fiscal, attaining the highs of August
summary
consolidation, with its fair share of 2018, with the aid of combined FII
sharp rises and declines. From April to fund inflow to the tune of INR48,445
August 2018, the S&P BSE SENSEX crore02 (USD6,932 mn) in the months
gained 17 per cent. This was the all- of February and March 2019. Overall
time high level, post which the market the S&P BSE SENSEX delivered a
The CAGR of S&P sharply corrected by 14.3 per cent01 return of 16.3 per cent01 for the fiscal
BSE SENSEX over over the next two months. This was year, which is the highest, compared
the three-year driven by foreign fund outflow to the to global indices’ returns for the
period was 15.1 per tune of INR27,623 crore02 (USD3,953 same period. During the three-year
cent, second only to mn) in October 2018. The markets assessment period03, the S&P BSE
NASDAQ. began to recover in November 2018, SENSEX was second only to NASDAQ
with a series of moderate run-ups and in terms of returns, with a CAGR of
corrections. 15.1 per cent01.
0.9%
NASDAQ S&P NIFTY Dow Jones Hang Nikkei Euronext DAX SSE
Composite BSE 50 Industrial Seng 225 100 Composite
Average (DJIA)
SENSEX
Source: KPMG in India's Analysis, 2019 based on data from Capital IQ
The stellar performance of S&P BSE underlying factors that made the
SENSEX and Nifty 50 compared market attractive and hence, better
to their peers, can be attributed to performing. There was a net outflow
the fact that two of the past three of INR88 crore04 by FIIs/FPIs in FY19,
01. KPMG in India’s analysis, 2019 on the basis of data
from Capital IQ, 08 April 2019 years, have witnessed net FII/ led by the sell-off in October 201802,
02. KPMG in India’s analysis, 2019 on the basis of data
from Money Control, 08 April 2019
FPI inflows of INR55,703 crore04 partially off-set by the late infusion
USD1=INR69.9 (FY19 - NSE/FBIL) (FY17) and INR25,635 crore04 post mid-February and in March.
03. Period under consideration for Returns – 01 April 2016
to 31 March 2019 (FY18), in the Indian equity market.
04. KPMG in India’s analysis, 2019 on the basis of data The inflows were due to several
from NSDL, 09 April 2019
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02
56%
decline over FY18
in FY19
74%
decrease over
in FY19
41%
decrease compared
in FY19
FY18 to FY18
Lowest in the last
three financial years
IPO
witnessed its fair share of volatility in FY19, with five of them being PE
in terms of run-up, downturn and backed. Additionally, there were five
recovery. The steady rise in the S&P PSUs amongst the 18 companies.
performance –
BSE SENSEX from the beginning These 18 companies, cumulatively
of the fiscal, until the end of August raised INR199 billion05. Against this,
2018, was negated by sharp sell-off the 41 companies listed in FY18,
FY17 to FY19
over the next two months and by the raised over INR762 billion05 and the
end of October 2018, it was at the 26 companies listed in FY17 raised
same level as at the beginning of the INR284 billion05. The funds raised in
fiscal. FY19 and FY17 were lower by 74 per
cent and 63 per cent respectively,
FY 16-17 witnessed a similar trend
compared to FY18.
where the steady build-up from April
to mid-September 2016, was negated FY18 and FY17 were amongst
by sell-off over the next 10 weeks, the best years for IPOs in India. In
post which it attained its highest level terms of funds raised, the largest
towards the end of the fiscal. two listings of FY18 were in the
Financial services sector, particularly
January 2018 was a key month
the Insurance sector. These two
for S&P BSE SENSEX in FY 17-18
companies together accounted for
when an approximately 2.5k points
over 27 per cent05 of the funds raised
run-up over 30 days was negated by
during the year. The same pattern was
an approximately 2k points decline
visible in FY17 as well, where the two
within the next 10 days in February;
largest listings, accounting for 32 per
and this slide continued till the end of
cent05 of the total funds raised during
March.
the year, belonged to the Financial
While the ongoing global trade Services sector.
tensions continue to play on the
Although Insurance companies have
minds of investors, the domestic
been the biggest participants in
NBFC sector continues to work
terms of funds raised during FY18 and
towards tackling the liquidity
FY17, three out of the six insurance
constraints, a scenario that has
IPOs declined by 8.3 per cent06 on an
sustained longer than expected.
average, on listing day.
05. KPMG in India’s analysis, 2019 based on final 06. KPMG in India’s analysis, 2019 on the basis of data
prospectus of companies submitted to SEBI from BSE
© 2019 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
04
0% 0% 0%
Source: KPMG in India’s analysis, 2019 on the basis of data from BSE
07. KPMG in India’s analysis, 2019 on the basis of data from BSE
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05 | IPOs in India
08. KPMG in India’s analysis, 2019 based on final 10. Analysis of 27 out of 39 PE backed companies
prospectus of companies submitted to SEBI and 26 out of 46 non-PE backed companies.
09. KPMG in India’s analysis, 2019 on the basis of
data from BSE
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06
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07 | IPOs in India
Subscription details
IPOs that cumulatively raised over
INR1,213 billion11 from FY17 to
FY19, saw subscription of around
Subscription to funds raised ratio FY17-19 (no. of
times)
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08
IPOs with smaller issue size* in Of the top 10 IPOs by funds raised,
general saw greater subscription only two saw subscription to funds
by amount compared to IPOs with raised ratio in double digits, with the
larger issue size**. The 10 IPOs average ratio at 5.3 times13.
that had the highest subscription to
funds raised ratio, were all below
INR6 billion13. Of these, six IPOs had
subscription to funds raised ratio in
triple digits.
50%
32%
25% 24%
23% 22%
17%
15% 16%
12% 10% 8% 11%
8% 8% 8% 8%
5%
0% 0% 0% 0% 0% 0%
Less than 2x 2x - 5x 5x - 10x 10x - 20x 20x - 50x 50x - 100x 100x - 200x more than
200x
Source: KPMG in India’s analysis, 2019 based on final prospectus of companies submitted to SEBI and basis of allotment data published by respective registrars to the issue
13. KPMG in India’s analysis, 2019 based on basis of allotment * funds raised less than INR4 billion
document (before technical rejections) ** funds raised more than INR15 billion
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09 | IPOs in India
Non-PE backed companies14 saw times15. Both retail investors and Total over-subscription was a good
greater average subscription by QIBs preferred the Personal and indicator of the listing gains made
amount compared to their PE Household goods sector, each by the IPOs. Of the 45 IPOs17 that
backed14 counterparts with a witnessing over-subscription of had single digit or negative listing
subscription to funds raised ratio of 24.6 times15 and 107.1 times15, gains15, only in one instance was
37.4 times15 for the former and 24.2 respectively. The sector was over- the total over-subscription in double
times15 for the latter. Despite FY18 subscribed by over 110 times15. digits15. 32 of the remaining 38
seeing higher funds being raised and Amongst sectors that saw more IPOs17 that had double digit listing
subscription by amount as compared than two listings, Clothing and gains, witnessed double digit over-
to FY17 and FY19, there was higher Apparel was the least preferred subscription15. This highlights that
inflow of funds, on an average, in sector, with its three offerings. the post-listing demand for the scrip
each IPO in FY17 as compared to While the overall subscription was was driven by investors who faced
FY18 and FY19. 2.7 times15 QIBs and retail investors’ under-subscription or were not able
over-subscriptions were 6.1 times15 to participate in the IPO.
While the subscription amount per
and 1.6 times17, respectively.
IPO in FY17 was 5 per cent15 higher
than FY18 and 84 per cent15 higher
Retail v/s QIB - PE v/s non-PE 32 of 38 IPOs that
than FY19, the ratio of subscription
backed registered double
to funds raised in FY18 was higher
by 75 per cent15 compared to FY17 PE backed companies17 on an digit listing gains,
and 356 per cent15 higher compared average had marginally higher QIB witnessed more
to FY19. over-subscription than their non-PE than 10x over-
backed17 counterparts (excluding subscription
Retail v/s QIB - Sectoral PSUs) with 38.8 times15 for the
former and 38.6 times15 for the
In terms of subscription by number
latter. Contrary to this, average retail
of shares for total16 companies listed,
investor interest in non-PE backed
retail investor over-subscription on
companies was higher at 8.6 times15
an average for the three financial
compared to 5.4 times15 for PE
years was 6.6 times15 compared
backed companies.
to QIB over-subscription of 36.1
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10
18. KPMG in India’s analysis, 2019 based on final * funds raised more than INR15 billion
prospectus of companies submitted to SEBI
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11 | IPOs in India
Source: KPMG in India’s analysis, 2019 on the basis of final prospectus of companies submitted to SEBI and data from BSE
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12
The top five IPOs in FY19 in terms During FY19, two out of the five
of size of offering, which individually smallest IPOs had negative EPS,
raised between INR17 and 35.2 while the average Price/Earnings
billion20, returned an average of 11 ratio (P/E) of the other three
per cent19 compared to the negative companies was 17.420 compared
9.5 per cent19 return of the smallest to 37.120 for the five largest IPOs.
five IPOs of the year, which raised The five smallest IPOs in FY18 had
between INR0.2 and 4.4 billion20. an average P/E of 17.220 vs. 5720
for the five largest during FY18.
The five largest IPOs in FY18, raised
Corresponding figures for FY17
amounts ranging from INR 57
listings were 29.620 for the bottom
and 111.8 billion20 and returned a
five listings compared to 33.220 for
meagre 1.8 per cent19 on listing day
top five listings.
compared to 75.2 per cent19 returned
by bottom five companies, which The data highlights the fact that the
raised between INR0.3 and 2.2 smallest five IPOs in FY18 were
billion20. The corresponding figures value accretive for investors given
for FY17 were 30.7 per cent19 on the their average listing day gain of 75.2
listing day, on an average, for top five per cent19, compared to their top five
which individually raised between counterparts which listed at a much
INR13.3 and 60.6 billion20, compared higher valuation and returned mere
to 1.3 per cent19 for the bottom five 1.8 per cent19 on listing day.
which raised between INR0.7 and
3.6 billion20.
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13 | IPOs in India
Sectorial view
FY19 witnessed a slowdown in the Financial Services was again the funds raised, as against 73 per cent21
listing space, compared to the two frontrunner amongst the sectors raised by same percentage of listings
preceding years. Of the 18 listings during FY18 with a total of 12 listings, in FY19.
during the year, the top three sectors followed by Construction and Materials
Though the distribution was relatively
in terms of number of listings were at six and Industrials, Manufacturing
less concentrated in FY17, the
Financial Services, Construction and and Metals at five21. The companies
pattern was repeated. The top three
Materials and Hospitality with five, in the Financial Services sector
sectors included Financial Services
three and two listings, respectively. also raised the maximum capital at
with six, followed by TMT with five
Financial Services sector leading the INR546 billion21 or around 72 per
and Healthcare with three listings21.
pack, raised INR110 billion constituting cent of the total funds raised during
Together, those companies accounted
55 per cent21 of the total funds raised the period, with the help of listings
for 54 per cent21 of the listings with 71
during the year. The top three sectors of the companies in the insurance
per cent21 of the funds raised. Financial
constituted 56 per cent of the listings, space. These three sectors together
services alone accounted for over 51
raising 73 per cent21 of the year’s total accounted for 56 per cent21 of the
per cent21 of the funds raised.
funds raised. listings and around 84 per cent21 of the
146
110
74
32 33
25 27 29
21 22
13 11 5 18 19 13 5 19 15
9 9 7 6 8 5 10
2 2 4
manufacturing
Transportation
Construction
Clothing and
Personal and
and material
Commodity
Automotive
and metals
Industrials,
Healthcare
Hospitality
Chemicals
beverages
household
Food and
Financial
apparels
services
trading
goods
Retail
TMT
FY19- Funds raised (INR billion) FY18- Funds raised (INR billion) FY17- Funds raised (INR billion)
Source: KPMG in India’s analysis, 2019 based on final prospectus of companies submitted to SEBI
21. KPMG in India’s analysis, 2019 based on final prospectus of companies submitted to SEBI
© 2019 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
14
55 out of the 85 companies Beverages and Financial Services, Healthcare and TMT sectors. FY17
listed during FY17, FY18 and FY19 on an average offered shares at saw only one sector, TMT, report
provided comparable data in the a premium22 to their industry or negative average listing gains23.
final prospectus regarding the peers. Food and Beverages sector FY19 witnessed six sectors with
P/E ratio for the price at which IPOs offered shares at the highest single listings, while the same
the shares were offered and the average premium of 21.5 per cent22, figures in FY18 and FY17 were two
corresponding P/E ratio for the compared to industry average. and four respectively23.
industry or peers. Remaining 30
Coming to sectors with more than Food and Beverages
companies either did not have a
one IPO which reported negative sector companies
comparable peer set or did not
average listing gains across the offered shares at
explicitly mention it in the public
three fiscal years, Construction and a 21.5 per cent
documents. Of the 55 companies
Material sector yielded negative premium over the
that shared peer average P/E, two
return23 in FY19. During FY18, two industry average
companies had negative EPS22. Only
sectors reported negative average
three sectors viz. TMT, Food and
listing gains23. These included
82%
22. KPMG in India’s analysis, 2019 23. KPMG in India’s analysis, 2019 on
based on final prospectus of com- the basis of data from BSE
panies submitted to SEBI
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15 | IPOs in India
Year Number Funds Avg. over- Avg. Avg. Number Funds Avg. Avg. Avg.
of com- raised* subscrip- market listing of com- raised* over- market listing
panies (INR bn) tion** cap* gains panies (INR bn) subscrip- cap* gains
tion**
24. KPMG in India’s analysis, 2018 based on final 25. KPMG in India’s analysis, 2019 on the basis of data
prospectus of companies submitted to SEBI from BSE
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16
Use of funds
Of the total funds27 raised over the The highs seen in the market in FY18
three years, 78 per cent26 were could also be the reason behind 78% of funds raised
raised through an Offer for Sale significant fund raising through OFS through OFS - exit
(OFS) by existing shareholders route; with the existing shareholders for Investors and
including promoters and the (Promoters/PEs) resorting to Promoters
remaining 22 per cent26 were raised monetisation of their holdings and
through fresh issue. In absolute profit booking at desired levels.
terms, the funds raised via OFS in 32 companies27 listed during
FY18 were INR615 billion26, which the three year period under
was 2.8 times and 2.5 times of FY19 consideration, raised capital only
and FY17 levels, respectively26. through the OFS route, 3927 opted
for both means while the remaining
1327 solely relied upon fresh issue to
raise capital26.
62%
22%
49% Repayment
Augmenting of debt
capital base
FY19 FY18 FY17
Source: KPMG in India’s analysis, 2019 based on final prospectus of companies submitted to SEBI
26. KPMG in India’s analysis, 2019 based on final 27. Data of 84 companies
prospectus of companies submitted to SEBI
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17 | IPOs in India
While funds raised through OFS augmenting capital base, reflecting spends on purchase of capital
during FY19, FY18 and FY17 were the regulatory requirements. assets, setting up of new facilities,
INR162 billion, INR615 billion and expansion or up-gradation of existing
Of the 52 companies that raised
INR177 billion28, respectively, the infrastructure and acquisitions. The
fresh capital during the three year
fresh issue capital split was INR21 top five companies raised 60.1 per
period, the top five companies
billion, INR147 billion and INR107 cent28 of capital expenditure related
accounted for 43.7 per cent28 of
billion28, respectively, for the three funds.
the fresh issue proceeds. Four of
years. Excluding the offer related
the five companies belonged to
expenses for fresh issue, the total
the Financial Services sector. Five Funds from fresh
amount raised by companies from
companies accounted for more than issuances were
fresh issue was around INR263
half of the total amount of INR57.6 primarily used to
billion28. 21.9 per cent of the total
billion28 raised for repayment of debt enhance the capital
fresh issue proceeds was spent
by 28 companies. base
on repayment of debt, with capital
expenditure accounting for another A total of INR30.6 billion28 was
11.6 per cent28. The largest share raised during the period for capital
of 48.7 per cent28 was related to expenditure projects. These included
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18
Costs of issue
An IPO can be a costly exercise in INR0.43 billion and INR0.44 billion
terms of both time and resource respectively, which were incurred
commitments. A number of external to raise INR18.6 billion and INR10.9
parties are involved in the IPO billion on an average, in FY18 and
process of a company. While some FY17, respectively29. The effectively
of these viz. underwriters, lawyers, lower average issue expense in
registrars are necessitated by law, FY18 is highlighted by the fact
a few companies also hire external that similar expense of INR0.43
advisors who work across various billion29 per IPO, in FY18, compared
areas to support the company and to FY19 and FY17, was incurred to
help derive maximum value out of raise additional 70 per cent29 funds,
the process. compared to FY19 and FY17.
A total of INR36.1 billion29 was spent The larger fund raise in FY18, with a
on issue related expenses during stable expense base, was primarily
the three years with INR7.2 billion29 on account of large IPOs with
being spent during FY19. In terms lower issue expenses. The costs
of total expenses as a percentage of incurred by five Insurance sector
funds raised, FY19 and FY17 were IPOs in FY18, were INR4.5 billion29,
nearly at par with average expenses accounting for mere 1.15 per cent of
of 5.3 per cent and 5.2 per cent29 the total funds raised by these five
respectively, compared to FY18 companies, which was in excess of
IPOs which incurred marginally INR430 billion29.
lower average costs at 4.9 per cent29.
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19 | IPOs in India
FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19
FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19
6.1% 6.1% 5.4% 4.0% 3.0% 3.8% 5.2% 6.1% 4.7% 5.4% 5.4% NA
Hospitality Industrials, Infrastructure Oil and
manufacturing energy
and metals
FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19
FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19
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20
While the average issue expense for issue expenses accounting for 4.9 On an absolute basis over the
private companies was 5.4 per cent30 per cent30 of funds raised during three year period, the IPOs with
of the funds raised during the three the year. This marginal decline the highest issue related expenses
year period, it was 3.1 per cent30 was driven by the five Insurance belonged to the Financial Services
for PSUs. The PSUs accounted for companies that got listed in FY18, sector, with five companies in the
nearly a quarter of the funds raised with average issue expenses of sector occupying the top spot,
during the three years yet paid less 1.15 per cent30. Only one of the spending over INR1 billion30 each.
than 9 per cent30 of the issue related five, spent more than 2 per cent30
While there were certain exceptions,
expenses paid-out during the said of funds raised as issue expenses.
the general trend was that the
period. Two of the remaining four spent
expenses as a percentage of issue
around 1.2 percent while the other
The Financial Services sector was size were inversely proportional to
two spent less than 1 per cent30.
the leading sector across the three the size of the issues30.
Industrials, Manufacturing and
years, in terms of quantum of funds
Metals sector witnessed variance
raised. While the issue expenses
in terms of issue expenses. The
in FY19 and FY17 were 5.3 per cent The IPOs with the
average expense to fund raised ratio
and 5.2 per cent30 of funds raised highest issue related
of two IPOs was 7.1 per cent in FY17,
during the respective years, FY18 expenses belonged
dropping to 3.7 per cent in FY1830,
proved to be an exception, with the to the Financial
which was the average of five IPOs.
Services sector,
with five companies
spending
over INR1 billion
each
PSUs raised a
quarter of the funds
but paid less than 9
per cent of the issue
related expenses
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21 | IPOs in India
PE backed companies on an average companies including PSUs31. PE spent 5.04 per cent on the issue
spent a tad more on issue related backed companies in total spent 5.11 related expenditure. Excluding PSUs,
expenses as a proportion of issue per cent of the issue size compared this figure was 5.67 per cent31.
size, as compared to non-PE backed to non-PE backed companies that
Issue size Number of Avg. issue Number of Avg. issue Number of Avg. issue
(INR billion) companies expense companies expense companies expense
FY19 FY18 FY17
Source: KPMG in India’s analysis, 2019 based on final prospectus of companies submitted to SEBI
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22
© 2019 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
23 | IPOs in India
Future outlook
A stable government in India and On the supply side of money, retail market sentiment. The improved
efforts towards greater formalisation participation especially through economy in the USA leading to
of the economy could fuel the mutual funds, has increased. withdrawal of money from the
growth of the stock markets in Furthermore, it is expected that bank emerging economies, the increasing
the medium-term. In addition to recapitalisation may drive up the prices of crude in the global market
the economic factors at play, there credit disbursal to the companies and the Indian Rupee depreciating
has also been a pent-up demand that could lead to increased to new lows, are some of the major
for capital, across sectors. While business activity/investments and factors that should cause concern.
the primary market activity has further tapping into the primary Additionally, the concerns with
only picked up in the recent years, markets by companies, in general. respect to the financial sector and
resulting in a pipeline of companies The Insolvency and Bankruptcy Code the NBFC space in particular, are
looking to go to the market and (IBC) will also lead to productive also impacting market sentiment.
raise capital, a number of PE assets being put to use. All of this is
Despite all these headwinds, we
investments are also at the end of expected to enhance the economic
expect FY20 to remain attractive,
their investment cycles, with the activity and growth, and set up a
driven by strong economic
investors looking for exits. The shifts number of companies with a better
growth in the country and strong
in lending by banks has also resulted growth story.
fundamentals.
in a liquidity crunch which again
On the flip side, there are several
led to companies considering the
developments taking place in the
primary markets for raising debt and
global economy that could dampen
equity.
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24
Acknowledgements
KPMG in India's
Leadership:
Sai Venkateshwaran
Karan Marwah
Meenakshi Sharma
services
Keeping in mind the challenges and
complexities faced by companies during an
Analysis and content: IPO, you require a reliable independent IPO
Saurabh Ambaselkar advisor who can handhold you through the
Arun Prakash entire process and support you in your IPO
journey and help deal with life post going
Production: public.
Darshini Shah
Rasesh Gajjar We have a dedicated Capital Markets
Sharon D'silva practice with professionals who have
Shveta Pednekar worked on IPO engagements, both as
advisors and auditors. Our team comprises
of some of our senior most professionals
who bring together a diverse and cohesive
set of relevant local and global experience
and skill-sets to provide you the wide-ranging
support you need in order to:
© 2019 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG in India contacts:
Nilaya Varma Sai Venkateshwaran
Partner and Leader Partner and Head
Markets Enablement CFO Advisory
T: +91 124 669 1000 T: +91 22 3090 2020
E: nilaya@kpmg.com E: saiv@kpmg.com
home.kpmg/in
Follow us on:
home.kpmg/in/socialmedia
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