A lot other companies are readying their IPO plans and the overall pipeline is estimated at Rs 50,000 crore.
After a bumper year in 2015, where companies raised nearly Rs 14,000 crore from the markets, ending a long-haul drought, here's what to expect from in the coming year.
According to Prime Database, 21 companies have already secured a go-ahead from the Securities and Exchange Board of India (Sebi) for share sales worth Rs 8,800 crore.
These are some of the major IPOs lined up for 2016:
-- Rashtriya Ispat Nigam (Rs 1,500 crore)
-- AGS Transact Technologies (Rs 1,350 crore)
-- Dilip Buildcon (Rs 750 crore)
-- Nuziveedu Seeds (Rs 700 crore)
-- Paranjape Schemes (Rs 600 crore)
-- Matrix Cellular (Rs 500 crore)
-- Catholic Syrian Bank (Rs 400 crore)
-- Matrimony.com (Rs 450 crore)
Moreover, 11 more companies are awaiting Sebi go-ahead to mop up Rs 5,445 crore from IPOs.
These issuers include
-- RBL Bank (Rs 1,500 crore)
-- Mahanagar Gas (Rs 1,200 crore)
-- Equitas Holdings (Rs 750 crore)
-- GVR Infra Projects (Rs 500 crore)
-- VLCC Health Care (Rs 400 crore).
A lot other companies are also readying their IPO plans and the overall pipeline is estimated at Rs 50,000 crore.
"The increase in the number of IPOs, as witnessed this year, is likely to continue over the next few years," NSE's business development chief Ravi Varanasi.
"In the coming years, majority of new listings will be driven by the new economy companies in diverse sectors such as e-commerce, fintech, biotechnology," he added.
The premier bourse BSE is expecting to list around 15 IPOs on its main board and 15-16 issues on its SME platform in the first half of 2016. The BSE's SME platform is the largest with over 100 companies trading.
"There are about 30 companies on the main board and 18 firms on the SME platform which have got IPO approvals," a BSE spokesperson said.
Experts see many more firms and small finance banks licensees tapping the IPO market to raise funds in 2016.
Interestingly, some experts say that the primary markets may have done better than the previous five years in 2015, but still there are not many IPOs that are suitable for retail investors.
"For retail investors there are still no suitable issues coming in... IPO markets are not where the retail investors gain. They are markets where retail investors lose," ArthVeda Capital executive vice-president Vikas Gupta said.
Gupta also observed that the recent IPOs were mainly driven by the private equity players who had to exit. In that sense, the funds were not raised for growth and the promoters were rather forced to tap the market.
"The IPO boom we saw in 2015 was driven mostly by PEs wanting to exit after a long wait, rather than due to a need for IPO money for growth and expansion," Gupta said.
The primary market is still not in such a good condition that good companies can plan an IPO and raise money easily, he added.
Echoing similar sentiments, Prime Database Managing Director Pranav Haldea said the retail interest in IPOs this year remained mostly lukewarm and the retail portion was not subscribed fully in many issues.
IIFL Research Head Amar Ambani said, "From investors' perspective, the IPOs suffer from information asymmetry as well as pro-cyclicality which should in principal make IPOs less attractive for retail investors."
"Data from the past 12 years suggest that just a third of the IPOs have outperformed the market in the year post-listing and just 25% outperform three years post-listing," he added.
Talking about investor returns from IPOs this year, Samco Securities' CEO Jimeet Modi said, "If one assumes that an investor has subscribed to all IPOs and has invested capital, and held on to the positions till date, he would have earned 35-38% more."
"Though the response to some issues has been tepid, we have seen overall retail investors subscribing to primary issues have made money in the market," he added.
Expecting a more vibrant IPO market in the coming year, experts said the success of the issues will depend more on the quality of the business/promoters and the valuations on offer.
"As bull market continues, more IPOs will come in. A bunch of e-commerce firms will also capture their share of money but may take some more time to hit market," Modi said, while adding that the bull market may also result in higher valuation for IPOs causing a lot of risks to investors.
(With inputs from PTI)
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