Analysis of data from Prime Database shows that more than two-thirds of the offerings were done in the first six years (1990-91 to 1995-96). However, money raised from these offerings was a mere 4.8% of the total sum raised from such offers in the last three decades.
On the other hand, half of the money was raised in the last six years (between 2016-17 and 2021-22), from only 5.6% of the total issues offered in the 30 years.
In six years, between 1991 and 1996, there were 4,363 public issues that raised Rs 40,973 crore. Comparatively, 360 issues during 2016-22 raised Rs 4.1-lakh crore. The remaining years — 1996-97 to 2015-16 — saw 1,642 issues raising Rs 3.8-lakh-crore.
In the first six years, 1995-96 saw the most issues (1,402), while the most money was raised in 1994-95 (Rs 12,928 crore). And, in the last six years, both the highest number of issues (76) and money raised (Rs 1.3-lakh-cr) was in 2021-22, which includes the massive offering of One97 Communications, the owner of Paytm. In the first month of 2022-23 (April), there were four public issues that raised Rs 3,204 crore. Add to this the LIC IPO, which is even bigger than the One97 Communications offer, and the amount raised multiplies.
Another boom year was 2017-18, which saw 81 issues raise Rs 98,984 crore. Statista, a global company specialising in market and consumer data, observes that during this year, major IPOs by General Insurance Corp of India, New India Assurance, HDFC Life Insurance, and SBI Life Insurance, brought in almost $13 billion.
All four IPOs are among the biggest India has ever seen. “Prime Database numbers show how IPOs have been getting bigger in India over the years. While the early 1990s saw a listing frenzy, overall money raised remained low. This changed from the 2010s onwards, when a smaller number of listings raised more money in total,” Statista said.