data from Prime also shows that primary capital markets have lost about R60,000 crore in the last four years with more than 100 companies cancelling their IPOs citing weak market conditions.
In addition, fund-raising by way of IPOs in FY14 stands at its lowest level in 11 years. For the current fiscal, about 33 companies launched their IPOs and cumulatively raised R1,185.34 crore, down 448% from the amount raised in the previous financial year.
Ajay Saraf, ED, head of corporate finance and institutional equities, ICICI Securities, in an earlier interview with FE had said that elections are crucial and a stable government is needed for India's capital markets to witness more IPOs.
ďLarge IPOs will depend on the general elections in May. If a stable government comes to power, I believe there will be a flurry of activity in the IPO market. So, elections will play a big role, especially for large-sized IPOs. Until then, you will see few mid-sized deals happening in the IPO space,Ē Saraf said in the interview.