IPO Diary

The river of IPOs has dried up. Many companies have either postponed their IPOs
or put them off altogether. The IPOs like Emmar MGF and Wockhardt Hospitals
were forced to be withdrawn after the nefarious IPO of Reliance Power that sucked
up whatever the liquidity was available in the market. It also marked the
commencement of the bearish phase. Now we see new IPOs coming in but
intermittently like we saw Nu Tek India. Moreover, the scale and number of the
IPO we used to experience in the heydays has become a rarity now.

We have analysed the IPOs that have come up in the period of 2000 and 2008 and
our finding are as follows:

 The top five sectors that mopped up over Rs. 1 trillion (Rs. 101,418 crore)
were banking, energy, power, real estate and IT sectors.

 There were 24 IPOs of over Rs. 10 billion amounting to Rs. 90,823 crore.

 The maximum number of IPOs came from IT (58) followed by media (22),
textile (19) and Infrastructure (16).

 The number of IPOs peaked in 2007 with 94 IPOs amounting to Rs.

42,377 crore.

BFSI Energy Power Real Estate IT Infrastructure Telecom Media Others

191
335
31
38
64

102

242
162

221

Deepak Tiwari
Research Analyst
Figures in Rs. billion
deepakt@arthamoney.com

T: + 91 22 4063 3032

Nov 14, 2008 For Private Circulation only 1

Sector wise IPOs

Sector Size of IPO No. of IPOs Sector No. of IPOs Size of IPO
Banking 28722 15 Others 58 5714
Energy 24216 11 IT 38 10185
Power 22106 10 Media 22 3130
Real Estate 16190 14 Textile 19 1641
IT 10185 38 Infrastructure 16 6380
Infrastructure 6380 16 Banking 15 28722
Others 5714 58 Real Estate 14 16190
Finance 4815 13 Finance 13 4815
Telecom 3767 4 Pharma 13 1381
Media 3130 22 Energy 11 24216
Aviation 2262 2 Power 10 22106
Textile 1641 19 Metal 7 517
Engineering 1609 6 Retail 7 690
Pharma 1381 13 Engineering 6 1609
Auto 1225 5 Auto 5 1225
Retail 690 7 Chemicals 5 308
Hospital 532 2 Telecom 4 3767
Metal 517 7 Cement 3 474
Sugar 490 3 Mining 3 362
Cement 474 3 Shipping 3 461
Shipping 461 3 Sugar 3 490
CD 412 2 Aviation 2 2262
Mining 362 3 CD 2 412
FMCG 341 2 Construction 2 156
Chemicals 308 5 FMCG 2 341
Logistics 291 2 Hospital 2 532
Hotel 187 2 Hotel 2 187
Construction 156 2 Logistics 2 291
Total 138562 289 Total 289 138562
*The size of IPOs in Rs. Crore. *The size of IPOs in Rs. Crore.

Nov 14, 2008 For Private Circulation only 2

Year wise and sector wise the size of IPOs

Sector 2000 2001 2002 2003 2004 2005 2006 2007 2008 Total
Auto 993 54 56 122 1225
Aviation 1899 363 2262
Banking 3349 11781 3244 10348 28722
CD 332 80 412
Cement 296 178 474
Chemicals 80 172 56 308
Construction 22 134 156
Energy 192 14114 1496 8333 81 24216
Engineering 790 690 129 1609
Finance 52 1605 475 2192 491 4815
FMCG 35 306 341
Hospital 494 38 532
Hotel 113 74 187
Infrastructure 126 2559 2403 1292 6380
IT 274 41 210 5448 891 1167 1493 661 10185
Logistics 151 140 291
Media 92 45 138 251 671 1598 335 3130
Metal 59 44 353 35 26 517
Mining 100 262 362
Others 44 403 961 3416 890 5714
Pharma 335 45 449 135 154 183 80 1381
Power 5462 792 70 3052 12730 22106
Real Estate 1888 14302 16190
Retail 434 256 690
Shipping 304 157 461
Sugar 354 136 490
Telecom 749 834 59 2125 3767
Textile 3 346 386 730 176 1641
Total 1494 86 1044 1371 29486 22164 23575 42377 16965 138562
*The size of IPOs in Rs. Crore.

Nov 14, 2008 For Private Circulation only 3

Year wise and sector wise the number of IPOs

Sector 2000 2001 2002 2003 2004 2005 2006 2007 2008 Total
Auto 1 1 1 2 5
Aviation 1 1 2
Banking 1 6 5 3 15
CD 1 1 2
Cement 1 2 3
Chemicals 1 3 1 5
Construction 1 1 2
Energy 1 5 1 3 1 11
Engineering 2 3 1 6
Finance 1 3 2 6 1 13
FMCG 1 1 2
Hospital 1 1 2
Hotel 1 1 2
Infrastructure 1 7 5 3 16
IT 3 1 1 4 10 5 11 3 38
Logistics 1 1 2
Media 3 1 1 2 4 8 3 22
Metal 1 1 3 1 1 7
Mining 1 2 3
Others 1 2 13 29 13 58
Pharma 1 1 3 2 2 3 1 13
Power 2 2 1 2 3 10
Real Estate 4 10 14
Retail 5 2 7
Shipping 2 1 3
Sugar 2 1 3
Telecom 1 1 1 1 4
Textile 1 4 6 6 2 19
Total 9 2 2 5 21 50 73 94 33 289
Source: NSE, Artha Money Research

Nov 14, 2008 For Private Circulation only 4

The Top notch IPOs exceeding Rs. 10 billion since 2000

Year Company Sectors Issue Size

2004 Oil & Natural Gas Corporation Limited Energy 10536
2008 RELIANCE POWER LIMITED Power 10260
2007 DLF Limited Real Estate 9188
2007 ICICI Bank Limited Banking 8750
2005 ICICI Bank Limited Banking 5826
2004 National Thermal Power Corporation Limited Power 5368
2006 Cairn India Limited Energy 5261
2004 Tata Consultancy Services Limited IT 4713
2004 ICICI Bank Limited Banking 3349
2005 Punjab National Bank Banking 3120
2007 Power Grid Corporation of India Ltd. Power 2984
2006 Reliance Petroleum Limited Energy 2700
2007 Idea Cellular Limited Telecom 2125
2005 Jet Airways (India) Limited Aviation 1899
2007 Mundra Port and Special Economic Zone Limited Infrastructure 1771
2008 RURAL ELECTRIFICATION CORPORATION LIMITED Power 1639
2006 Bank of Baroda Banking 1633
2004 Gas Authority of India Limited Energy 1626
2005 Suzlon Energy Limited Energy 1496
2007 Housing Development and Infrastructure Limited Real Estate 1485
2005 Oriental Bank of Commerce Banking 1450
2005 Infrastructure Development Finance Company Limited Finance 1372
2004 Indian Petrochemicals Corporation Limited Energy 1203
2006 Lanco Infratech Limited Infrastructure 1067
*The size of IPOs in Rs. Crore.

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be reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information
contained herein is from sources believed to be reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. Arthaeon Financial
Services and/or its affiliates or employees shall not be liable for loss or damage that may arise from any error in this document. Arthaeon Financial Services may have
from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other
services for, any company mentioned in this document.

Nov 14, 2008 For Private Circulation only 5