As companies fund raising pipeline remains robust, industry observers opine that institutional investors will remain selective and will only participate where they foresee sizable returns. The government, with its ambitious divestment as well as bank recapitalisation plan, and many private companies are looking to tap the capital markets in the second half, they said. For instance, an investor may prefer to invest in an Idea Cellular over RComm, after the latter shares have slid more than 28% from the QIP price of R142.13. Ditto with Jaiprakash Associatess private placement, where investors lost nearly 60% of their investments in the QIP that was priced at R73 apiece.