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I. INTRODUCTION

1.1 ABOUT THE STUDY

There are basically two types of companies: private and public. A private is just

that, a company that is wholly owned by a group (or individual), that makes the decisions

for the company without having to get approval from any sort of outside agency, i.e. board.

A public company is a company that has issued stock on at least one exchange that is

available to the general public. Publicly traded companies are owned by the shareholders

and therefore management must disclose their actions to their investors, usually through

meetings open to all once a quarter. In this article we will go over the process fortransitioning from a private to public company, how one can invest in IPOs, how its initial

price is dictated and rules for investing in IPOs.

First thing we will go over is how a private company actually becomes a public

traded company and why they would do it. Most private companies looking to expand need

some sort of large capital infusion that can be difficult to acquire through traditional

lending measures. One resource that all private companies have is that they can sell

ownership in their company. Although this will dilute ownership, the capital infusion can

help the company expand, pay off any debt as well as give them access to lenders that they

would not been able to speak with before becoming public (because of the increased

scrutiny a public company has to go through). Going public also raises the exposure and

prestige of a company which can attract new clients as well as new employees. Being

public also gives the company increased financing capabilities since they can use stocks

and convertible debt. There are some disadvantages for going public as well. Companies

will face significant fees for legal, auditing and accounting services that will have to bedone. They will also decentralize the management decisions of a company since there will

be an increase in the number of owners who can have a say. Also, a publicly traded

company will have to open its books since they are required to file financial and pertinent

business operations on a quarterly basis.

The process of becoming a publicly traded company is done through underwriting

by an investment bank. The first thing to a private will do is hire an investment bank that

will basically be a bridge from the company to the investing public. Underwriting is the

process of investment banks raising capital from investors for companies that are becoming

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publicly trading companies. Companies do have the option of selling their shares

themselves without an investment bank but then they would not be listed on an exchange.

The biggest investment banks around today are Goldman Sachs, Credit Suisse and Morgan

Stanley. Once the issuing company and investment bank have decided how much money

will be raised and the type of securities they plan to offer, the investment bank will either

make a firm commitment or best effort. Usually the investment bank and issuing company

will structure the deal whereby the investment bank buys all the shares then resells to the

public, which is a firm commitment. But there are deals that are done on a best effort basis

whereby the investment bank will sell the shares but makes no commitment to the amount

of money that will be raised. The amount of interest on the deal will determine which route

to go (the hotter the IPO, the more likely the investment bank will make a firm

commitment). Many times their will be multiple underwriters (or investment banks) as a

way to spread the risks. Once the structure of the deal is in place, the next item is to file a

registration agreement with the SEC. The registration agreement will contain financial

statements, insider holdings, legal and debt problems, basically all pertinent information on

the company and their business. After that, the SEC invokes a cooling off period where

they investigate the company to make sure all relevant information has been disclosed.

During the cooling off period, most issuing companies put together a red herring or

prospectus and go on a road show to generate interest in the offering. The next step is for

the investment bank and issuing company to come up with a date for the offering which

will based on the interest generated from the prospectus as well as market conditions. It is

not unheard of for a company to delay their IPO if market conditions are not favorable for

their offering.

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IPO

Definition

Initial Public Offering. The firstsale ofstockby a companyto thepublic.

Companies offering an IPO are sometimes new, young companies, or sometimes

companies which have been around for many years but are finally deciding to go public.

IPOs are often riskyinvestments, but often have thepotential forsignificant gains. IPOs are

often used as a way for a young company togainnecessarymarket capital

What is Book Building?

SEBI guidelines defines Book Building as "a process undertaken by which a

demand for the securities proposed to be issued by a body corporate is elicited and built-up

and the price for such securities is assessed for the determination of the quantum of such

securities to be issued by means of a notice, circular, advertisement, document or

information memoranda or offer document".

Book Building is basically a process used in Initial Public Offer (IPO) for efficient pricediscovery. It is a mechanism where, during the period for which the IPO is open, bids are

collected from investors at various prices, which are above or equal to the floor price. The

offer price is determined after the bid closing date.

As per SEBI guidelines, an issuer company can issue securities to the public though

prospectus in the following manner:

1. 100% of the net offer to the public through book building process

2. 75% of the net offer to the public through book building process and 25% at the

price determined through book building. The Fixed Price portion is conducted like a normal

public issue after the Book Built portion, during which the issue price is determined.

Is the most popular and coveted process all over the globe through which companies

float their IPOs in the primary market. Final price of the IPO gets discovered only after the

bidding process and hence is not prefixed.

This article would help the readers to get an overview on book building method and

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would help them to make informed IPO investment.

Initial Public Offerings are issued to the primary market in various ways among

which the most popular one is through book building process. This process utilizes the

market forces for price discovery of the IPO.

Participants of Book Building

Institutional Investors Foreign Institutional Investors (FIIs) and MFs (Mutual

Funds)

HNI (High Networth Individuals) These individuals buy IPOs at large

quantities.

Retail Investors These are the common investors whose maximum investment

limit is Rs. 50,000.

Process of Book BuildingA company issuing an IPO through book building method follows the following steps:

A leading merchant banker is nominated by the IPO issuing company for book

building, known as Book-Runner.

The concerned company then announces the total number of IPO shares that it is

willing to issue along with the price range/band.

Investors are then allowed to bid for these issued shares for a limited time period.

Investors place their preferences (that is, quantity and price of IPO shares) through a

broker.

brokers place these bids/orders on behalf of their clients through the electronic

media into an electronic book where they are stored. These stored bids are henceforth evaluated by the merchant banker along with the

IPO issuing company on the basis of certain criteria such as earliness of bid, aggression of

price, quality of investor and many more.

A cut-off price is then decided by accepting the lowest price at which all the IPO

securities can be disposed off.

IPOs are then allotted to those investors whose bid prices are above the cut-off mark

until the IPO shares get exhausted.

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Book building in BSE

BSE offers a book building platform through the Book Building software that runs on the

BSE Private network.

This system is one of the largest electronic book building networks in the world, spanning

over 350 Indian cities through over 7000 Trader Work

Stations via leased lines, VSATs and Campus LANS.

The software is operated by book-runners of the issue and by the syndicate members , for

electronically placing the bids on line real-time for the entire bidding period.

In order to provide transparency, the system provides visual graphs displaying price v/s

quantity on the BSE website as well as all BSE terminals.

BOOK BUILDING PROCESS BSE

Book Building is essentially a process used by companies raising capital through

Public Offerings-both Initial Public Offers (IPOs) or Follow-on Public Offers ( FPOs) to

aid price and demand discovery. It is a mechanism where, during the period for which the

book for the offer is open, the bids are collected from investors at various prices, which are

within the price band specified by the issuer.

The process is directed towards both the institutional as well as the retail investors. The

issue price is determined after the bid closure based on the demand generated in the

process.

The Process:

The Issuer who is planning an offer nominates lead merchant banker(s) as 'book runners'.

The Issuer specifies the number of securities to be issued and the price band for the bids.

The Issuer also appoints syndicate members with whom orders are to be placed by the

investors.

The syndicate members input the orders into an 'electronic book'. This process is called

'bidding' and is similar to open auction.

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The book normally remains open for a period of 5 days.

Bids have to be entered within the specified price band.

Bids can be revised by the bidders before the book closes.

On the close of the book building period, the book runners evaluate the bids on the basis of

the demand at various price levels.

The book runners and the Issuer decide the final price at which the securities shall be

issued.

Generally, the number of shares are fixed, the issue size gets frozen based on the final price

per share.

Allocation of securities is made to the successful bidders. The rest get refund orders.

Book Building at NSE

The NSE has set up nation-wide network for trading whereby members can trade

remotely from their offices located all over the country. The NSE trading network spans

various cities and towns across India.

NSE decided to offer this infrastructure for conducting online IPOs through the

Book Building process. NSE operates a fully automated screen based bidding system called

NEAT IPO that enables trading members to enter bids directly from their offices through a

sophisticated telecommunication network.

Book Building through the NSE system offers several advantages:

The NSE system offers a nation wide bidding facility in securities

It provides a fair, efficient & transparent method for collecting bids using latest

electronic trading systems

Costs involved in the issue are far less than those in a normal IPO

The IPO market timings are from 10.00 a.m. to 5.00 p.m. On the last day of the IPO, the

session timings can be further extended on specific request by the Book Running Lead

Manager.

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1.2 Scope of the study

As India exposed to recession Indian investors will be in dilemma with their

investment. They should be guided properly to pull off capital gain. Stock market is the

place to acquire money through investment. IPO is the opportunity for investor to make

money easily. But the problem is the most investors are that do not know which type or

sector of IPOs is profitable.

Most investors do not know which type of ipo are profitable

The objective of every investors is to make capital gain by selling IPOs. But most

of them are do not doing any technical approach of buying IPOs

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1.3 Objectives of the study:

Primary objectives

To study the performance of ipo in Indian stock market

Secondary objectives

To analyze the return of ipo for a specific period of time

To analyze the sector wise performance of ipo in Indian market

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1.4Limitations of the study

The study is conducted only for one month

The study is conducted on the basis of NSE data and is only applicable in India

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1.5 INDUSTRY PROFILE

INDIAN CAPITAL MARKET: AN OVERVIEW

Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly

200 years ago. The earliest records of security dealings in India are meagre and obscure.

The East India Company was the dominant institution in those days and business in its loan

securities used to be transacted towards the close of the eighteenth century.

By 1830's business on corporate stocks and shares in Bank and Cotton presses took

place in Bombay. Though the trading list was broader in 1839, there were only half a dozen

brokers recognized by banks and merchants during 1840 and 1850.

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The 1850's witnessed a rapid development of commercial enterprise and brokerage

business attracted many men into the field and by 1860 the number of brokers increased

into 60.

In 1860-61 the American Civil War broke out and cotton supply from United States

of Europe was stopped; thus, the 'Share Mania' in India begun. The number of brokers

increased to about 200 to 250. However, at the end of the American Civil War, in 1865, a

disastrous slump began (for example, Bank of Bombay Share which had touched Rs 2850

could only be sold at Rs. 87).

At the end of the American Civil War, the brokers who thrived out of Civil War in

1874, found a place in a street (now appropriately called as Dalal Street) where they wouldconveniently assemble and transact business. In 1887, they formally established in

Bombay, the "Native Share and Stock Brokers' Association" (which is alternatively known

as " The Stock Exchange "). In 1895, the Stock Exchange acquired a premise in the same

street and it was inaugurated in 1899. Thus, the Stock Exchange at Bombay was

consolidated.

Indian Stock Exchanges - An Umbrella Growth

The Second World War broke out in 1939. It gave a sharp boom which was

followed by a slump. But, in 1943, the situation changed radically, when India was fully

mobilized as a supply base.

On account of the restrictive controls on cotton, bullion, seeds and other

commodities, those dealing in them found in the stock market as the only outlet for their

activities. They were anxious to join the trade and their number was swelled by numerous

others. Many new associations were constituted for the purpose and Stock Exchanges in all

parts of the country were floated.

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The Uttar Pradesh Stock Exchange Limited (1940), Nagpur Stock Exchange

Limited (1940) and Hyderabad Stock Exchange Limited (1944) were incorporated.

In Delhi two stock exchanges - Delhi Stock and Share Brokers' Association Limited

and the Delhi Stocks and Shares Exchange Limited - were floated and later in June 1947,

amalgamated into the Delhi Stock Exchnage Association Limited.

Post-independence Scenario

Most of the exchanges suffered almost a total eclipse during depression. Lahore

Exchange was closed during partition of the country and later migrated to Delhi and

merged with Delhi Stock Exchange.

Bangalore Stock Exchange Limited was registered in 1957 and recognized in 1963.

Most of the other exchanges languished till 1957 when they applied to the Central

Government for recognition under the Securities Contracts (Regulation) Act, 1956. Only

Bombay, Calcutta, Madras, Ahmedabad, Delhi, Hyderabad and Indore, the well established

exchanges, were recognized under the Act. Some of the members of the other Associations

were required to be admitted by the recognized stock exchanges on a concessional basis,but acting on the principle of unitary control, all these pseudo stock exchanges were refused

recognition by the Government of India and they thereupon ceased to function.

Thus, during early sixties there were eight recognized stock exchanges in India

(mentioned above). The number virtually remained unchanged, for nearly two decades.

During eighties, however, many stock exchanges were established: Cochin Stock Exchange

(1980), Uttar Pradesh Stock Exchange Association Limited (at Kanpur, 1982), and Pune

Stock Exchange Limited (1982), Ludhiana Stock Exchange Association Limited (1983),

Gauhati Stock Exchange Limited (1984), Kanara Stock Exchange Limited (at Mangalore,

1985), Magadh Stock Exchange Association (at Patna, 1986), Jaipur Stock Exchange

Limited (1989), Bhubaneswar Stock Exchange Association Limited (1989), Saurashtra

Kutch Stock Exchange Limited (at Rajkot, 1989), Vadodara Stock Exchange Limited (at

Baroda, 1990) and recently established exchanges - Coimbatore and Meerut. Thus, at

present, there are totally twenty one recognized stock exchanges in India excluding the

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Over The Counter Exchange of India Limited (OTCEI) and the National Stock Exchange of

India Limited (NSEIL).

The Table given below portrays the overall growth pattern of Indian stock markets

since independence. It is quite evident from the Table that Indian stock markets have not

only grown just in number of exchanges, but also in number of listed companies and in

capital of listed companies. The remarkable growth after 1985 can be clearly seen from the

Table, and this was due to the favouring government policies towards security market

industry.

Trading Pattern of the Indian Stock Market

Trading in Indian stock exchanges are limited to listed securities of public limited

companies. They are broadly divided into two categories, namely, specified securities

(forward list) and non-specified securities (cash list). Equity shares of dividend paying,

growth-oriented companies with a paid-up capital of atleast Rs.50 million and a market

capitalization of atleast Rs.100 million and having more than 20,000 shareholders are,

normally, put in the specified group and the balance in non-specified group.

Two types of transactions can be carried out on the Indian stock exchanges: (a) spot

delivery transactions "for delivery and payment within the time or on the date stipulated

when entering into the contract which shall not be more than 14 days following the date of

the contract" : and (b) forward transactions "delivery and payment can be extended by

further period of 14 days each so that the overall period does not exceed 90 days from the

date of the contract". The latter is permitted only in the case of specified shares. The

brokers who carry over the outstandings pay carry over charges (cantango or

backwardation) which are usually determined by the rates of interest prevailing.

A member broker in an Indian stock exchange can act as an agent, buy and sell

securities for his clients on a commission basis and also can act as a trader or dealer as a

principal, buy and sell securities on his own account and risk, in contrast with the practice

prevailing on New York and London Stock Exchanges, where a member can act as a jobber

or a broker only.

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The nature of trading on Indian Stock Exchanges are that of age old conventional

style of face-to-face trading with bids and offers being made by open outcry. However,

there is a great amount of effort to modernize the Indian stock exchanges in the very recent

times.

STOCK EXCHANGE

Stock exchange is an organized market place where securities are traded. These

securities are by the government, semi-government bodies, public sector undertaking and

companies for borrowing funds and raising resources. Securities are defined as monetary

claims and include stock, shares, debenture, bonds etc. if these securities are marketable as

in the case of government stock, they are transferable by endorsement and are like movable

property. Under the securities contract regulation Act of 1956, securities trading are

regulated by the central government and such trading can take place only in stock

exchange recognized by the government under this Act. At present there are 23 recognized

stock exchange, like Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Bangalore etc. are

permanently recognized while a few are temporarily recognized.

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National Stock Exchange (NSE)

With the liberalization of the Indian economy, it was found inevitable to lift the

Indian stock market trading system on par with the international standards. On the basis of

the recommendations of high powered Pherwani Committee, the National Stock Exchange

was incorporated in 1992 by Industrial Development Bank of India, Industrial Credit and

Investment Corporation of India, Industrial Finance Corporation of India, all Insurance

Corporations, selected commercial banks and others.

Trading at NSE can be classified under two broad categories:

(a) Wholesale debt market and

(b) Capital market.

Wholesale debt market operations are similar to money market operations - institutions and

corporate bodies enter into high value transactions in financial instruments such as

government securities, treasury bills, public sector unit bonds, commercial paper, certificate

of deposit, etc.

There are two kinds of players in NSE:

(a) Trading members and

(b) Participants.

Recognized members of NSE are called trading members who trade on behalf of

themselves and their clients. Participants include trading members and large players like

banks who take direct settlement responsibility.

Trading at NSE takes place through a fully automated screen-based trading

mechanism which adopts the principle of an order-driven market. Trading members can

stay at their offices and execute the trading, since they are linked through a communication

network. The prices at which the buyer and seller are willing to transact will appear on the

screen. When the prices match the transaction will be completed and a confirmation slip

will be printed at the office of the trading member.

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NSE has several advantages over the traditional trading exchanges. They are as follows:

NSE brings an integrated stock market trading network across the nation.

Investors can trade at the same price from anywhere in the country since inter-

market operations are streamlined coupled with the countrywide access to the

securities.

Delays in communication, late payments and the malpractices prevailing in the

traditional trading mechanism can be done away with greater operational efficiency

and informational transparency in the stock market operations, with the support of

total computerized network.

Unless stock markets provide professionalized service, small investors and foreign

investors will not be interested in capital market operations. And capital market being one

of the major sources of long-term finance for industrial projects, India cannot afford to

damage the capital market path. In this regard NSE gains vital importance in the Indian

capital market system.

Bombay Stock Exchange Origins

Bombay Stock Exchange, originally named as The Native Share & Stock Brokers

Association, was established in 1875. This makes BSE the oldest stock exchange in the

Asian economic region. It is also the biggest South Asian stock exchange in terms of

market capitalization (NSE is the second largest!), and the 11th largest on a global level

(August 2009). When the government passed the Securities Contracts (Regulation) Act in

1956, the BSE was the first stock exchange in India to be recognized under the Act.

Originally mooted as an AOP (Association of Persons), BSE was demutualised and

corporatized in 2005, and now functions as a company.

BSE Logo

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The BSE is a potent symbolism of the Indian capitalist economy, and is an

important landmark in the financial domain. Till theNational Stock Exchange was found in

1992, the BSE continued to be the center of the Indian corporate world. Its traditional

open outcry system of trading, with a milling crowd of brokers jostling with each other to

make deals, inspired many an aspiring entrepreneur.

Over the years, BSE has been pivotal in providing the Indian business in that most

vital of resources Capital. Every Indian corporate worth its salt has tapped the Indian

capital market through the exchange, and every major company ha its shares listed on the

BSE. A listing on the BSE was considered as the holy grail in the Indian corporate and

business world. BSE lost a substantial amount of reputation after the securities scam

perpetrated byHarshad Mehta, and various scams in the following years have continued to

pound its goodwill. Yet, the BSE continues to move from strength to strength, and

continues to be the flagship of the Indian capital markets. The location of BSE Dalal

Street has become the Indian equivalent of Wall Street.

Primary Market

It is also called the new issue market, is the market for issuing new securities. Many

companies, especially small and medium scale, enter the primary market to raise moneyfrom the public to expand their businesses. They sell their securities to the public through

an initial public offering. The securities can be directly bought from the shareholders,

which is not the case for the secondary market. The primary market is a market for new

capitals that will be traded over a longer period

securities are issued on an exchange basis. The underwriters, that is, the investment

banks, play an important role in this market: they set the initial price range for a particular

share and then supervise the selling of that share.

Investors can obtain news of upcoming shares only on the primary market. The

issuing firm collects money, which is then used to finance its operations or expand

business, by selling its shares. Before selling a security on the primary market, the firm

must fulfill all the requirements regarding the exchange.

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Features Of Primary Market are:-

1.In a primary issue, the securities are issued by the company directly to investors.

2. The primary market performs the crucial function of facilitating capital formation in the

economy.

3. Primary issues are used by companies for the purpose of setting up new business or for

expanding or modernizing the existing business.

4. The company receives the money and issue new security certificates to the investors.

5. The new issue market does not include certain other sources of new long term external

finance, such as loans from financial institutions. Borrowers in the new issue market may

be raising capital for converting private capital into public capital; this is known as

going public.

Three type of issue comes in the Primary Market

1. Initial Public Offer

2. Rights Issue (For existing Companies)

3. Preferential Issue.

Over The Counter Exchange of India (OTCEI)

Traditionally, trading in Stock Exchanges in India followed a conventional style

where people used to gather at the Exchange and bids and offers were made by open

outcry.

This age-old trading mechanism in the Indian stock markets used to create manyfunctional inefficiencies. Lack of liquidity and transparency, long settlement periods and

benami transactions are a few examples that adversely affected investors. In order to

overcome these inefficiencies, OTCEI was incorporated in 1990 under the Companies Act

1956. OTCEI is the first screen based nationwide stock exchange in India created by Unit

Trust of India, Industrial Credit and Investment Corporation of India, Industrial

Development Bank of India, SBI Capital Markets, Industrial Finance Corporation of India,

General Insurance Corporation and its subsidiaries and CanBank Financial Services

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Advantages of OTCEI

1. Greater liquidity and lesser risk of intermediary charges due to widely spread

trading mechanism across India

2. The screen-based scripless trading ensures transparency and accuracy of prices

3. Faster settlement and transfer process as compared to other exchanges

Shorter allotment procedure (in case of a new issue) than other exchanges

Benefits of OTCEI:

The OTCEI has set up a national, automated screen based and ringless stock

market. It helps companies raise finance from the capital market in a cost effective

manner and provides a convenient and effective avenue of capital market

investment for investors at large.

While the other recognised stock exchanges require that in order to have its

securities listed the company should have an issued capital of not less than Rs. 3

crores out of which normally 25% is to be offered to the public, the minimum

issued equity share capital of a company for eligibility for listing on the OTCEI is

Rs 30 lacs.

Listing on OTCEI is advantageous to companies because of the high liquidity of

these securities, which is a result of compulsory market making, improved access

and speed of transactions resulting from the extensive network of electronically

interlinked counters.

Companies can obtain a fair price of their securities by negotiating the same with

the sponsors (who are members of the OTCEI) and save unnecessary issue expenses

by placing their securities with the sponsors who will in turn off load the securities

to the public. This mechanism is now popularly known as a bought out deal.

OTCEI's wide computerized net work will be spread all over India and will make

investment easier. All deals will be entered into through remote terminals which will be

connected to the mainframe computer of the OTCEI.

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

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SEBI

The regulatory body for the investment market in India. The purpose of this board is

to maintain stable and efficient markets by creating and enforcing regulations in the

marketplace.

Functions of SEBI are of two types

1. Regulatory functions

2. Developmental functions

1. REGULATORY FUNCTION

a). Registration of brokers and sub-brokers and other players in the market

b). Registration of collective investments schemes and Mutual Funds

c). Regulation of stock exchanges and other self-regulatory organizations (SRO) merchantbanks etc

d) Prohibition of all fraudulent and unfair trade practices

e) Controlling Insider Trading and take over bids and imposing penalties for such practices

2. DEVELOPMENT FUNCTIONS

a) Investor education

b) Training of intermediaries.

c) Promotion of fair practices and Code of conduct for all S.R.O.s

d). Conducting Research and Publishing information useful to all market participants.

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1.6 COMPANY PROFILE

COCHIN SOCK EXCHANGE

INTRODUCTION

COCHIN STOCK EXCHANGE LTD. is one of the premier Stock

Exchanges in India, established in the year 1978. The exchange had a humble beginning

with just 5 companies listed in 1978 -79, and had only 14 members. Today the Exchange

has more than 508 members and 240 listed companies. In 1980 the Exchange computerized

its offices. In order to keep pace with the changing scenario in the capital market, CSE took

various steps including trading in dematerialized shares. CSE introduced the facility for

computerized trading - "Cochin Online Trading (COLT)" on March 17, 1997. CSE was one

of the promoters of the "Interconnected Stock Exchange of India (ISE)". The objective was

to consolidate the small, fragmented and less liquid markets into a national level integrated

liquid market. With the enforcement of efficient margin system and surveillance, CSE has

successfully prevented defaults. Introduction of fast track system made CSE the stock

exchange with the shortest settlement cycle in the country at that time. By the dawn of the

new century, the regional exchanges faced a serious challenge from the NSE & BSE.

To face this challenge CSE promoted a 100% subsidiary called the "Cochin Stock

Brokers Ltd. (CSBL)" and started trading in the National Stock Exchange (NSE) and

Bombay Stock Exchange (BSE).

CSBL is the first subsidiary of a stock exchange to get membership in both NSE &

BSE. CSBL also became a depository participant in the Central Depository Services Ltd..

The CSE has been playing a vital role in the economic development of the country in

general, and Kerala in particular and striving hard to achieve the following goals:

Providing investors with high level of liquidity whereby the cost and time involved in the

entry into and exit from the market are minimized.

Bringing in high tech solutions and make all operations absolutely transparent.

Building infrastructure for capital market by turning CSE into a financial super market.

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Serve the investors of the region.

Professional stock broking and investment management.

Imparting Capital Market knowledge to all intermediaries on a continuous basis.

The Cochin Stock Exchange is directly under the control and supervision of

Securities & Exchange Board of India (the SEBI), and is today a demutualized entity in

accordance with the Cochin Stock Exchange (Demutualization) Scheme, 2005 approved

and notified by SEBI on 29th of August 2005. Demutualization essentially means de-

linking and separation of ownership and trading rights and restructuring the Board

in accordance with the provisions of the scheme. The Exchange has been Demutualised and

the notification thereof published in the Gazette.

MANAGEMENT OF CSE LTD.

The policy decisions of the CSE are taken by the Board Of Directors. The Board

is constituted with 12 members of whom less than one-fourth are elected from amongst the

trading member of CSE, another one fourth are Public Interest Directors selected by SEBI

from the panel submitted by the Exchange and the remaining are Shareholder Directors.

The Board appoints the Executive Director who functions as an ex-officio member of the

Board and takes charge of the administration of the Exchange.

Cochin Stock Exchange (CSE):

Cochin Stock Exchange (CSE) is counted among one of the premier Stock

Exchanges in India. It was established in 1978 and had undergone tremendous

transformation over the years. In 1978, it had only 5 companies listed and had only 14

members. Currently, it has 508 members and 240 listed companies.

Cochin Stock Exchange went for computerization of its offices in 1989. To keep

pace with the market, it took various initiatives; one such initiative was trading

dematerialized shares. It introduced the facility of computerized trading known as "Cochin

Online Trading" (COLT) on March 17, 1997. It also became one of the promoters of the

Interconnected Stock Exchange of India (ISE). The basic idea of ISE was to consolidate the

smaller and fragmented markets which are less liquid into a national level integrated liquid

market.

22
http://cochinstockexchange.blogspot.com/2011/07/cochin-stock-exchange-cse.htmlhttp://cochinstockexchange.blogspot.com/2011/07/cochin-stock-exchange-cse.html


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Goals of Cochin Stock Exchange

Toprovide investors a high level liquidity where the cost and time in the entry and

exit from the market becomes the least.

To provide a high tech solutions and absolute transparency of all the operations, to

the extent of possibilities.

To built an infrastructure for the capital market by turning it into a financial super

market.

To spread equity cult and serve the investors of the region.

To provide professional stock broking and investment management function.

To impart capital market knowledge to all its intermediaries on a continuous basis.

To develop a winning team of professionals, be it as employees of the exchange to

play a crucial role in shaping the future of the exchange and its associates

Cochin Stock Exchange Membership Profile

At present Cochin stock Exchange is having 508 members. Each share of the

members carries a value of Rs 1250. The paid up capital is Rs. 580,850 and the authorized

capital is Rs. 10, 00,000 with the total membership limited to 1000.

According to the norms of SEBI, Cochin Stock Exchange charges an initial

deposit of Rs. 2 lacks from its members. Each member has to contribute additional deposits

based on the volume of trade. Along with this there is a monthly subscription fee of Rs. 200

and Rs. 500 for individual and corporate members respectively. The members can appoint

assistants or sub-brokers based on the guidelines provided by SEBI.

Each member has to pay an annual amount of Rs. 5000 during the five years of

membership to SEBI as advance payment on or before 1st October of each financial year.

From the 6th to 10th year of membership, the total amount payable is Rs. 5000 being

payable at the beginning of the 6th year, which is counted as payment of Rs. 1000 per

annum. More to this, if the previous year's turnover is more than 1 corer, a 0.01% of the

exceeding amount should be paid to SEBI.

Cochin Stock Exchange Investor Protection Cell

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CSE maintains a separate legal department which is headed by Manager-Legal. It

advises the management about the merits and demerits of legal issues including the

exchange. The department's major function is to bring to notice to members and the

investing public about the different rules, regulations and directives of SEBI with regard to

trading in the capital market by the brokers and sub-brokers.

The areas which are being looked after are:

Investor Grievance Service

Arbitration

Default

Cochin Stock Exchange Training Centre

The Institute educates members, investors and general public. It offers four essential

modules. They are as follows: Capital Market

Derivatives

Depository

Mutual Funds

Cochin Stock Exchange Facilities

Software called MULTEX is given to all brokers. The brokers can simultaneously

access to BSE and NSE terminals. To analyze the market trends, the exchange has provided

a software package known as Meta Stock and ERS. It has gained wide acceptance from

members, investors and students from various institutes.

The exchange maintains a good library with over 2500 books, journals, business

magazines and reports. Beside all these, it also maintains various committees for the

betterment of the brokers, public and other associated with the exchange. An optical fiber

connection has been laid down by Asianet Satellite Telecommunications to facilitate more

trading options.

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Listing

ORGANIZATION STRUCTURE

BOARD OF DIRECTORS

EXECUTIVE DIRECTOR

Legal system MEMBERSHIP SETTLEMENT

MARKETING AND

PUBLIC RELATIONS

25

Finance


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2.2.8 Departmental profile

The Cochin Stock Exchange carries on its functions through seven main department

s. There exist a very cordial relationship between each department in CSE and the day to

day operations are well delegated to each department through the staff member at various

levels. The council of management is the apex body, which coordinates all the operations of

the exchange. The executive director gives the guideline to the heads of various

departments

The various functional department Stock under Cochin Stock Exchange are:

Finance department

Administration department

Surveillance department

Legal department

Systems department

Settlement Department

Listing

Finance Department

This department takes care of the various financial transactions of CSI thus acting

as the life line of the organization. The department is headed by a Finance officer and

assisted by Deputy Manager and several senior and junior officers

Administration Department

A legal officer with two deputy manager for administration and complains and

management information system heads the department two senior officers looking after

public relations and administration form part of administration

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Surveillance Department

The Exchange has setup Surveillance Department to keep close watch on price

movements of scrip, detect market abuses like price rigging, monitor abnormal price and

volumes which are not consistent with normal trading pattern etc. The main objectives of

the department are top be provide a free and fan market, to arrest unsystematic risk form

entering into the system and to manage risks. The surveillance function at the exchange has

assumed greater importance in the last few years. SEBI has directed the stock exchanges to

set up a separate surveillance dep0artment with staff exclusively assigned for this function.

Legal Department

CSE has a full - fledged Legal Department, by Manger-Legal and is primarily

engaged in advising the management in the merits and demerits of legal issues involving

the exchange

A major function under taken by the department is to ensure that the various rules,

regulations and directives of SEBI with regard to trading in the Capital Market by brokersand sub brokers are brought to the notice to members and the investing public.

System department

It is the heart of the various operations of CSE. The department provides stock the

necessary technical supports for screen based trading and the computerized functioning of

all other department.

The various activities of the department include:-

Developments of various software needed for functioning of the exchange

Maintenance of Multex software, which provides online trading NSE and BSE.

Maintenance of an effective network of computers for the smooth

Functioning of the exchange.

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The major back office system soft wares used are NESS and BOSS for NSE and

BSE trade calculations respectively. These soft wares are developed in house by CSE.

These soft wares are used organization maintain the entire records of all the trades that

occur each day. It also does the require calculations for deductions and also crease kinds of

reports needed by the brokers and their clients.

Now a days CSE using CBRS (Core Broking Software). The clients and members are

Directly used by CBRS system.

Listing department

Listing means admission of the securities of a company to trading privileges on a

Stock Exchange. The principal objectives of listing are to provide ready marketability and

important liquidity and free negotiability to stock and shares; ensure proper supervision and

control of dealings therein, and protect the Interests of shareholders and of the general

investing public.

Settlement Department

Settlement department is a key department of the CSE. It is dealing with cash andsecurities. It helps the broker in setting the matters related to their pay in and payout,

recovery of dues and selling the matters related to the bad deliveries. This department is

headed by a Deputy Manager and assisted by two senior officers who look the operations

involved in the settlement activities in CSE. CSE following T+2 settlement system (where

T-dates of transaction.

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2.1. REVIWE OF LITERATEURE

Dr.SS Kumar Associated professor, IIM, Kozhikode.

One of the important reforms Indian markets witnessed in the recent past is the

introduction of issuing shares through the book building process which aims at efficient

price discovery. The paper attempts to see how the IPOs issued through book building

process fare both in short-run as well as in long run. Results indicate that the IPOs are

under-priced as is evidenced by the positive listing day returns and are out performing the

market in the subsequent months almost up to twenty four months. However, after twoyears of listing they generate negative returns. This finding is consistent with the IPO

performance literature from the other countries but is in contrast with the first long run

study on 1POs in the long run in India.

Indira Gandhi Institute of Development Research (IGIDR)

Abstract:

In the companion paper on empirical regularities of India's IPO market, we found a

high degree of under pricing. IPO under pricing is not healthy -- it involves penalizing

unlisted companies with a high cost of capital; this is unlikely to be a criterion along which

the efficiency of resource allocation is maximized. In this paper, we propose four policy

alternatives, which are primarily (though not exclusively) aimed at decreasing the extent of

IPO under pricing: 1. We propose improvements to the quality of information disclosure at

the time of a public issue. 2. We propose giving firms greater freedom to choose the offer

price close to the issue date. 3. We propose an auction-based strategy for the primary

market. 4. We offer a way to legitimize the gray market and bring it within the fold of the

institutional framework governing financial markets of the country.

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Zee News Nov 26, 2008 Initial Public Offers Before 2005 Still In Green - Document

Transcript

1. Initial public offers before 2005 still in green New Delhi, Nov 26 (IANS) Initial

public offers (IPOs) made in the last four years are showing negative returns on an

aggregate basis, and only those made in 2004 and those made by state-owned units

are still in the green, a study shows. 'Only those made in 2004 are still showing

positive returns,' said the study prepared by India's fourth largest share brokerage

firm, the Delhi-based SMC Group. The study, which calculated the returns of IPOs

made in the last five years - 2004 to 2008 - on the basis of mark-to-market (MTM)

prices as of Tuesday, found that the 19 IPOs made in 2004, with a total investment

of $6.2033 billion (Rs.248 billion), have a MTM of $8.493 billion (Rs.339.7

billion), representing a return on investment of 36.92 percent. This is despite the

fact that of the 19, as many as 10 or 47 percent are showing losses and only nine or

53 percent are in the green. IPOs made in the rest of the years - 2005 to 2008 - are

showing negative returns on an aggregate basis. In 2005, there were 39 IPOs with a

total investment of $2.262 billion (Rs.90.48 billion). Their MTM is now $1.753

billion (Rs.70.12 billion), representing a negative return of 22.52 percent. Of the 39,

14 or 36 percent are in the green while 25 or 64 percent are in the negative zone. In

2006, there were 79 IPOs with a total investment of $4.421 billion (Rs.176.84

billion). Their MTM is now $2.874 billion (Rs.114.96 billion), representing a

negative return of 34.98 percent. Of the 79, only nine or 11 percent are in positive

territory, and as many as 70 or 89 percent are in the red. In 2007, there were 103

IPOs with a total investment of $8.182 billion (Rs.327.28 billion). Their MTM is

now $3.536 (Rs.141.44 billion), representing a negative return of 56.79 percent. Of

the 103, only nine or 9 percent are showing positive returns and as many as 94 or 91percent are in the red. In 2008, there were 37 IPOs till date with a total investment

of $4.046 billion (Rs.161.84 billion). Their MTM is now $1.403 billion (Rs.56.12

billion), representing a negative return of 65.32 percent. Of the 37, only three or 8

percent are in profit and 34 or 92 percent are showing negative returns.

'Interestingly, public sector IPOs are showing positive returns,' said SMC Group

director Jagannadham Thunuguntla.

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2. In the five years a total of 277 IPOs were made by both private and public sector

companies with a total investment of $25.113 billion (Rs.1.004 trillion). Their

MTM is now $18.060 billion (Rs.722.4 billion),

GOVT TO MONITOR IPO PROCEEDS

Economics Times 29 Mar 2011

The expert group also to suggest to preventing price manipulation by promoters,

besides suggesting measure related to various investor complaints.

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III.RESEARCH METHODOLOGY

Meaning of research:

Research in common refer to a search for knowleage. One can also

define research as scientific and systematic for pertinent information on a specific

topic. In fact, research in art of science investigation .RODMAN AND MORAYdefine as systematized effort gain new knowledge Here we are using the

analysis as research methodology.

Type of research: explorative

Data source : NSE

Statiscial tool : return analysis

Period of study : one month

Statistical tool

Here statistical tool used is Return Analysis

Return =[p1-p0/po]*100

P1 =current price of share

P0=issue price of share

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IV.DATA ANANYSIS AND INTERPRETATION

4.1 Showing finance and banking sector

Sl

no

Name of the

issue

Data of

issue

Issue

size(lakh

shares)

Price

range

Issue

price

Data

of

listing

Share

price

on

march

1

Difference(8-

6)

Increase

Or

Decrease

%

1 PUNJAB&

SIND BANK

13/12/2010

To

16/12/2010

40000000

Equity

shares

Rs

113to

Rs120

120 30-

dec-

10

104.95 -15.05 12.54

2 STANDARD

CHARAETE

D PLC

25/05/2010

TO

28/05/2010

2400

(ID Rs)

Rs

100

To

Rs115

104 -11-

June

10

113.85 9.85 9.47

3 UNITED

BANK OF

INDIA

23/02/2010

TO

25/02/2010

500 RS60

TO

RS66

66 18

March

10

93.95 27.95 42.34

4 MICROSEC

FINANCIAL

SERVICE

LIMITED

17/09/2010

TO

21/09/2010

Public

Issue of

125,00,000

Equity

shares of

Rs.10/-

each

Rs

113 to

Rs

118

118 05-

oct-10

40.00 -78 66.10

5 Sks

micro finance

limited

28/07/2010

to

02/08/2010

public

issue of

16,791,579

equity

shares of

rs.10 each

rs.850

to

rs.985

985 16-

aug-

10

625.55 -359.45 36.49

RETURN=[P1-P0/P0]*100

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P1=978.30 P0=1393

978.30-1393.00 = -414.70 [978.30 1393 /1393]*100 = 29.77%

CHART NO:1

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Interpretation

From the above table and multiple column digram shows , that the return

of ipo of finance and banking sector during the period ended on 1st march

2011 is -414.70

The return from the banking and finance industry is negative .It is the difference of

29.77%

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4.2 SHOWING MINING AND MINERALS SECTOR

Sl

no

Name of

the issue

Data of

issue

Issue

size(lakhshares)

Price

range

Issue

price

Data of

listing

Share

price

onmarch

1

Difference

(8-6)

Increase

Or

Decrease%

1MOIL

LIMITED

26/11/2010TO

01/12/2010

33600000Equityshares

Rs 340To Rs375

37515-dec-

10401.80 26.80 7.14

2COALINDIA

LIMITED

18/10/2010To

21/10/2010

631636440Equityshares

Rs 225To

Rs245245

04-nov-10

338.65 93.65 38.22

3NMDC

LIMITED

10/03/2010TO

12/03/20103322.432

RS300TO

RS 350300

03-MARCH

2010270.15 -29.85 9.95


P1=1010.60 P0=920.00

1010.60 - 920.00 = 90.60 [1010.60-920/920]*100 = 9.84 %

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CHART NO:2

Interpretations

From the above table and multiple column diagram shows that ,the return of ipo

of mining and minerals sector during the period ended on 1st march 2011 is 90.60

The return from the mining and minerals industry is posstive. It is the difference of

9.84%

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4.3 SHOWING JEWELLERY SECTOR

Sl

no

Name of the

issue

Data of

issue

Issue

size(lakh

shares)

Price

range

Issue

price

Data of

listing

Share

price

on

march

1

Difference

(8-6)

Increase

Or

Decrease%

1

GOENKA

DIAMOND&

JEWELS

LIMITED

23/03/2010

TO

26/03/2010

100

RS

135

TO

RS145

135

16-

APRIL-

2010

61.55 -73.45 54.40

2

SHEREE

GANESHJEWELLERY

HOUSE

LIMITED

19/03/2010TO

23/03/2010

142.69831RS260

TO

RS270

26009-

APRIL

10

152.70 -107.30 41.26

3

THANGAM

AYIL

JEWELLERY

LIMITED

27/01/2010

TO

29/01/2010

14.075

RS72

TO

RS75

7519-FEB

10162.55 87.55 116.73


P1=376.80 P0=470

376.8O - 470 = 93.20 [376.80-470/470]*100 = 19.82 %

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CHART NO:3

Interpretation

From the above table and multiple column diagram shows that, the return of ipo of

jewellery sector during the period ended on 1st march 2011 is -93.20

The return from the jewellery sector is negative .It shows the difference of 19.82%

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4.4 SHOWING IT&COMPUTER INDUSTRY

Sl

no

Name of the

issue

Data of

issue

Issue

size(lakh

shares)

Price

range

Issue

price

Data of

listing

Shareprice

on

march

1

Difference

(8-6)

IncreaseOr

Decrease

%

1

INFINITE

COMPUTER

SOULATIONS

(INDIA)

LIMITED

11/01/2010

TO

13/01/2010

115.30

RS155

TO

RS165

16503-

FEB-10159.25 -5.75 3.48

2

PERSISTENT

SYSTEMS

LIMITED

17/03/2010

TO

19/03/2010

54.19

RS290

TO

310

310

06-

APRIL-

10

389.35 79.37 25.59


P1=548.60 P0=475

548.60 - 475 = 73.60 [548.60-475/475]*100 = 15.49 %

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CHART NO:4

Interpretation

From the above the table and multiple column diagram shows on ipo of

IT&COMPUTER industry during the period ended on 1st march 2011 is 73.60

The return from the IT&computer sector is posstive .It shows the difference of

15.49%

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4.5 SHOWING TEXTILE INDUSTRY

Sl

no

Name of the

issue

Data of

issue

Issue

size(lakh

shares)

Price

range

Issue

price

Data of

listing

Share

price

on

march

1

Difference

(8-6)

Increase

Or

Decrease

%

1

MANDHAN

INDUSTRIES

LIMITED

27/04/2010

TO

29/04/2010

83

RS120

TO

130

130

19-

MAY

10

261.80 131.80 101.38

2

PRADIP

OVERSEAS

LIMITED

11/03/2010

TO

15/03/2010

106

RS100

TO

110

110

05-

APRIL-

10

71.65 -38.35 34.86


P1=333.45 P0=240.00

333.45-240 = 93.45 [333.45-240/240]*100 = 38.93 %

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CHART NO:5

Interpretation

From the above table and multiple column diagram shows that, the return on ipo

of textile industry during the period ended on 1st march 2011 is 93.45

The return from the textile industry is positive .It shows the difference of 38.93%

4.6SHOWING PHARMACY SECTOR

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Sl

no

Name of the

issue

Data of

issue

Issue size(lakh

shares)

Price

range

Issue

price

Data

of

listing

Share

price

on

march

1

Difference

(8-6)

Increase

Or

Decrease

%

1

PARABOLIC

DRUGS

LIMITED

14/06/2010

TO

17/06/2010

PUBLIC

ISSUES[.]

EQUITY SHARE

OF RS 10 EACH

FOR CASH

AGGREGATING

TO

RS20,000 LACK

RS75

TO

85

7501-

JUL-

10

42. 20 -32.8O 43.75

2

SYNCOM

HEALTHCARE

LIMITED

27/01/2010

TO

29/01/2010

75

RS65

`TO

75

75

15-

FEB-

10

36.50 -38.50 51.33


P1=78.70 P0=150.00

78.70-150.00= -71.30 [78.70-150/150]*100 = 47.53 %

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CHART NO:6

Interpretation


of pharmacy sector during the period ended on 1st march 2011 is -73.30

The return from the pharmacy sector is negative .It shows the difference of 47.53%

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4.7 SHOWING TRADING AND RETAIL SECTOR

Slno

Name of theissue

Data ofissue

Issue size(lakhshares)

Pricerange

Issueprice

Dataof

listing

Shareprice

onmarch

1

Difference(8-6)

IncreaseOr

Decrease%

1C.MAHENDRA

EXPORTSLIMITED

31/12/2010TO

06/12/2010

15000000EQUITYSHARES

RS.95TO

RS.110110

20-JAN-

10214.05 104.05 94.59

2

CANTABILRETAILINDIA

LIMITED

22/09/2010TO

27/09/2010

ISSUE SIZE OFTO [*]SHARESOF FACE

VALUE OF RS10 EACH

AGGREGATINGTO

RS1050MILLION

RS.127TO

RS135135

12-OCT-

1040.50 -94.5 70


P1=254.55 P0=245.00

254.55-245= 9.55 [254.55-245/245]*100 = 3.89 %

46


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CHART NO:7

Interpretation

From the above table and multiple column diagram shows that, the return on ipo of

trading&retail sector during the period ended on 1st march is 2011is 9.55

The return from the trading &retail sector is posstive .It shows the difference of

3.89%

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4.8 COMPARATIVE STATEMENT SHOWING THE RETURN OF

IPO IN SECTOR WISE

Sl no Sectors Issue pricePrice on

March 1Return(4-3)

%increase

Or

decrease

1 Finance&banking 1393 978.30 -414.70 -29.77

2 Mining&minerals 920 1010.60 90.60 9.84

3 jewellery 470 376.80 -93.20 -19.82

4 IT&computer 475 548.60 73.60 15.49

5 textile 240 333.45 93.45 38.93

6 pharmacy 150 78.70 -71.30 -47.53

7 Trading& retail 245 254.55 9.55 3.89


P1=3581.05 P0=3893.00

3581.05-3893.00= -311.95 [3581.05-3893/3893]*100 = -8.013%

CHART NO:8

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Interpretation


of all sector during the period ended on 1st march 2011 is -311.95

The return from the all sector is negative .It shows the difference of -8.013%

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4.9 SHOWING RETURNS OF IPOS ISSUED IN THE YEAR OF 2010

Sl no Particular Issue pricePrice on

March 1Return(4-3)

%increase

Or

Decrease

1 ipo 3893.00 3581.05 -311.95


P1=3581.05 P0=3893.00

3581.05-3893.00= -311.95 [3581.05-3893/3893]*100 = -8.013%

50


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CHART NO:9

Interpretation

From the above table and multiple column diagram shows that, the return on ipo if

during the period ended on 1st march 2011 is -311.95

The return from the IPOs is negative. IT SHOWS THE DIFFERENCE OF -8.013%

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V. FINDINGS, SUGGESTION & CONCLUSION

5.1 FINDINGS

IPOs for the year of 2010

On the basis of this study the return from the ipo during the period is negative.

During the year 2010 the companies were issued 59 ipos in NSE.

The companies were divided on the basis of sector, the three number of sector

return is negative. And other four sector return is posstive

The total return lose percentage is -311.95

This study shows that the performance of ipo in 2010 is bad or negative

Finding for each sector

The average return of ipo of finance &banking sector is negative

During the period 5 companies came out with ipo

The two companies ipos average return is posstive.But the other threes return is

negative amount

The average loses percentage from finance&banking sector is 29.77

Mining &minerals

During the period 3 companies came out with ipos in this sector

The average return of mining &minerals sector is possstive

There is one companies return is negative,and the other two companies returns are

posstive

The average profit percentage from mining&minerals sector is 9.84%

Jewellery sector

During the period three companies came out with ipos

The average return from jewellery sector is negative.

There are two companies return from ipo is lose, the only one company return is

profit

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IT & computer industry

During the period two companies came out with IPOs.

The average return from IT & computer sector is positive. There is one company return from IPO is lose and other one company return is

profit.

The average profit percentage from IT & computer sector is 15.49%.

TEXTILE INDUSTRY

During the period two companies came out with IPOs in textile industry.

The average return from textile industry is positive.

There is one company return from IPO is lose and the other one company return is

profit.

The average profit percentage from textile industry is 38.39%.

PHARMACY SECTOR

The two company issued IPO during this period.

The average return from the pharmacy sector is negative.

The average loses percentage from pharmacy sector is 47.53%.

There are the two companies return from IPO lose.

TRADING AND RETAIL SECTOR

During the period two companies came out with IPOs in trading & retail sector.

The average return from trading and retail sector is positive.

The average profit percentage from textile industry is 3.89%.

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5.2 SUGGESTION

Finance and banking sectorIn this sector the performance of IPOs are negative. The investment of this sector is

some risky. In this sector the IPOs of banking company are positive so the investments of

banks are good for the investors.

Mining and minerals sector

In the mining and mineral sector companies performance of IPOs are positive. To

do investing on the sector give better return to the investor on the basis this study this is a

safe sector for buying IPOs.

Jewellery industry

In the jewellery industry sector companys performance of IPOs are negative. The main

reason of decreasing the share price is the flexibility of gold price. So investors are not

much interested to investing jewellery sector.

IT and computer industry

In the IT and computer sector companies performance of IPOs are positive to do

investing on this sector give a better return to the investor and the basis of this study this IT

sector industries survive the financial crisis and expand their activities it encourage the

investor to invest more in IT sector. In this sector there is one companys average return is

negative but it is only slick variation.

Textile industry

In this sector the performance of IPOs are positive. Investors can get return from

short term period. To do investing on this sector give better return to the investor. . In this

sector there is one companys average return is negative but it is only slick variation.

Pharmacy sector

In this sector the performance of IPOs is very poor. Two companies come out with

IPO in pharmacy sector. But we can get only profit from long term investment only. Other

vise it will be very risky.

Trading and retail sector

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In this sector the performance of IPOs are positive. Govt policy helping trading and retail

sector so the share value is going to up.

CONCLUSION

As per the finding of the study the average return of IPOs listed on NSE is

negative or bad. Some of IPOs are giving highly return but the others are lose. On the basis

of the study IT and computer, trading and retail, mining and minerals, textiles are he best

performed sector. Investment in these sectors will increase the probability of getting high

returns. But the other sector investment is highly risk for the investor.

The analysis the performance of IPOs, on the technical analysis act as major tool for

reducing the risk involving in investing IPOs for getting the result out of it. The investor

should aware of the analysis that can reduce their risk and increase capital gain on primary

market.

The above findings are based on past data and on the basis of above findings

investor can come to a conclusion where and when they can pact with IPO.

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BIBLIOGRAPHY

1. Security analysis & portfolio management- punithavathy pandian.

2. Dalal street investment journal (DSIJ).

3. Capital market.

4. Investment in IPOs- tom thulli.

WEBLIOGRAPHY

www.nseindia.com

www.google.com

www.capitaline.com

www.cochin stock exchange.com

56
http://www.nseindia.com/http://www.google.com/http://www.capitaline.com/http://www.cochin/http://www.nseindia.com/http://www.google.com/http://www.capitaline.com/http://www.cochin/


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APPENDIX

List of Upcoming IPO's, Current IPO's and Recently Closed IPO's in India

Issuer Company Issue Open Issue Close Offer Price

(Rs.)

Issue

Type

Issue Size

(Crore Rs.)

L&T Finance Holdings

Limited IPO

Jul 27, 2011 Jul 29, 2011 51/- to 59/- IPO-BB 1,245.00

Inventure Growth &Securities Ltd IPO

Jul 20, 2011 Jul 22, 2011 100/- to117/-

IPO-BB 70.00 - 81.90

Bharatiya Global

Infomedia Ltd IPO

Jul 11, 2011 Jul 14, 2011 75/- to 82/- IPO-BB 55.10

Readymade Steel India

Ltd IPO

Jun 27, 2011 Jun 29, 201190/- to 108/- IPO-BB 34.75

Rushil Decor Ltd IPO Jun 20, 2011 Jun 23, 2011 63/- to 72/- IPO-BB 40.64

Multi Commodity

Exchange of India Ltd

IPO

IPO-BB

Birla Pacific Medspa Ltd

IPO

Jun 20, 2011 Jun 23, 2011 10/- to 11/- IPO-BB 65.18

VMS Industries Ltd IPO May 30,

2011

Jun 02, 2011 36/- to 40/- IPO-BB 25.75

Timbor Home Limited

IPO

May 30,

2011

Jun 02, 2011 54/- to 63/- IPO-BB 23.25

Oil & Natural Gas Corpn

Ltd FPO

FPO-BB

Steel Authority of India

Ltd (SAIL) FPO

FPO-BB

57
http://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=2&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=3&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=4&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_detail.asp?a=318&b=L%26T+Finance+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=318&b=L%26T+Finance+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=319&b=Inventure+Securities+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=319&b=Inventure+Securities+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=317&b=Bharatiya+Global+Infomedia+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=317&b=Bharatiya+Global+Infomedia+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=316&b=Readymade+Steel+India+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=316&b=Readymade+Steel+India+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=315&b=Rushil+Decor+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=177&b=MCX+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=177&b=MCX+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=177&b=MCX+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=314&b=Birla+Pacific+Medspa+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=314&b=Birla+Pacific+Medspa+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=313&b=VMS+Industries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=312&b=Timbor+Home+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=312&b=Timbor+Home+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=310&b=ONGC+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=310&b=ONGC+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=311&b=SAIL+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=311&b=SAIL+FPOhttp://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=2&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=3&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=4&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_detail.asp?a=318&b=L%26T+Finance+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=318&b=L%26T+Finance+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=319&b=Inventure+Securities+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=319&b=Inventure+Securities+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=317&b=Bharatiya+Global+Infomedia+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=317&b=Bharatiya+Global+Infomedia+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=316&b=Readymade+Steel+India+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=316&b=Readymade+Steel+India+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=315&b=Rushil+Decor+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=177&b=MCX+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=177&b=MCX+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=177&b=MCX+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=314&b=Birla+Pacific+Medspa+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=314&b=Birla+Pacific+Medspa+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=313&b=VMS+Industries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=312&b=Timbor+Home+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=312&b=Timbor+Home+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=310&b=ONGC+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=310&b=ONGC+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=311&b=SAIL+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=311&b=SAIL+FPO


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Galaxy Surfactants Ltd

IPO

May 13,

2011

May 19,

2011

325/- to

340/-

IPO-BB 0.00

Power Finance

Corporation Ltd FPO

May 10,

2011

May 13,

2011

193/- to

203/-

FPO-BB 4,578.20

Aanjaneya Lifecare Ltd

IPO

May 09,

2011

May 12,

2011

228/- to

240/-

IPO-BB 117.00

Sanghvi Forging &

Engineering Ltd IPO

May 04,

2011

May 09,

2011

80/- to 85/- IPO-BB 36.90

Vaswani Industries Ltd

IPO

Apr 29, 2011 May 03,

2011

45/- to 49/- IPO-BB 45.00 - 49.00

Servalakshmi Paper Ltd

IPO

Apr 27, 2011 Apr 29, 2011 27/- to 29/- IPO-BB 60.00

Innoventive Industries Ltd

IPO

Apr 26, 2011 Apr 29, 2011117/- to

120/-

IPO-BB 219.58

Future Ventures India Ltd

IPO

Apr 25, 2011 Apr 28, 201110/- to 11/- IPO-BB 750.00

Paramount

Printpackaging Ltd IPO

Apr 20, 2011 Apr 25, 2011 32/- to 35/- IPO-BB 45.83

Issuer Company Issue Open Issue CloseOffer Price

(Rs.)

Issue

Type

Issue Size

(Crore Rs.)

Muthoot Finance Ltd IPO Apr 18, 2011 Apr 21, 2011160/- to 175/- IPO-BB 901.25

Shilpi Cable Technologies

Ltd IPO

Mar 22, 2011Mar 25, 201165/- to 69/- IPO-BB 55.88

PTC India Financial

Services Ltd IPO

Mar 16, 2011Mar 18, 201126/- to 28/- IPO-BB 438.76

58
http://www.chittorgarh.com/ipo/ipo_detail.asp?a=309&b=Galaxy+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=309&b=Galaxy+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=306&b=Power+Finance+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=306&b=Power+Finance+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=308&b=Aanjaneya+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=308&b=Aanjaneya+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=307&b=Sanghvi+Forging+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=307&b=Sanghvi+Forging+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=305&b=Vaswani+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=305&b=Vaswani+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=301&b=Servalakshmi+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=301&b=Servalakshmi+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=303&b=Innoventive+Industries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=303&b=Innoventive+Industries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=304&b=Future+Ventures+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=304&b=Future+Ventures+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=302&b=Paramount+Printpackaging+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=302&b=Paramount+Printpackaging+IPOhttp://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=2&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=3&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=4&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_detail.asp?a=300&b=Muthoot+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=299&b=Shilpi+Cables+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=299&b=Shilpi+Cables+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=298&b=PTC+India+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=298&b=PTC+India+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=309&b=Galaxy+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=309&b=Galaxy+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=306&b=Power+Finance+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=306&b=Power+Finance+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=308&b=Aanjaneya+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=308&b=Aanjaneya+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=307&b=Sanghvi+Forging+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=307&b=Sanghvi+Forging+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=305&b=Vaswani+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=305&b=Vaswani+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=301&b=Servalakshmi+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=301&b=Servalakshmi+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=303&b=Innoventive+Industries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=303&b=Innoventive+Industries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=304&b=Future+Ventures+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=304&b=Future+Ventures+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=302&b=Paramount+Printpackaging+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=302&b=Paramount+Printpackaging+IPOhttp://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=2&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=3&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_list.asp?FormIPO_Sorting=4&FormIPO_Sorted=&http://www.chittorgarh.com/ipo/ipo_detail.asp?a=300&b=Muthoot+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=299&b=Shilpi+Cables+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=299&b=Shilpi+Cables+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=298&b=PTC+India+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=298&b=PTC+India+IPO


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Lovable Lingeries Ltd

IPO

Mar 08, 2011Mar 11, 2011195/- to 205/- IPO-BB 93.28

Acropetal Technologies

Ltd IPO

Feb 21, 2011 Feb 24, 201188/- to 90/- IPO-BB 170.00

Fineotex Chemical Ltd

IPO

Feb 23, 2011 Feb 25, 2011 60/- to 72/- IPO-BB 29.48

Sudar Garments Ltd IPO Feb 21, 2011 Feb 24, 2011 72/- to 77/- IPO-BB 69.98

Omkar Speciality

Chemicals Ltd IPO

Jan 24, 2011 Jan 27, 2011 95/- to 98/- IPO-BB 79.38

Tata Steel Ltd FPO Jan 19, 2011 Jan 21, 2011 594/- to 610/- FPO-BB 3,477.00

Midvalley Entertainment

Ltd IPO

Jan 10, 2011 Jan 12, 2011 64/- to 70/- IPO-BB 60.00

C Mahendra Exports Ltd

IPO

Dec 31, 2010 Jan 06, 2011 95/- to 110/- IPO-BB 165.00

59
http://www.chittorgarh.com/ipo/ipo_detail.asp?a=297&b=Lovable+Lingeries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=297&b=Lovable+Lingeries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=296&b=Acropetal+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=296&b=Acropetal+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=294&b=Fineotex+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=294&b=Fineotex+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=295&b=Sudar+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=293&b=Omkar+speciality+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=293&b=Omkar+speciality+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=292&b=Tata+Steel+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=291&b=Midvalley+Entertainment+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=291&b=Midvalley+Entertainment+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=290&b=C+Mahendra+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=290&b=C+Mahendra+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=297&b=Lovable+Lingeries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=297&b=Lovable+Lingeries+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=296&b=Acropetal+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=296&b=Acropetal+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=294&b=Fineotex+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=294&b=Fineotex+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=295&b=Sudar+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=293&b=Omkar+speciality+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=293&b=Omkar+speciality+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=292&b=Tata+Steel+FPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=291&b=Midvalley+Entertainment+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=291&b=Midvalley+Entertainment+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=290&b=C+Mahendra+IPOhttp://www.chittorgarh.com/ipo/ipo_detail.asp?a=290&b=C+Mahendra+IPO

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