BANGALURU -- Bankers and venture capitalists haven't immediately been rejoicing at the three initial public offerings launched on Indian bourses in late March. The IPOs ended a drought of almost two months after apparel maker Vedant Fashions' 31.5 billion rupee ($415.4 million) public flotation in early February, but combined they totaled a modest 3.9 billion rupees. Last year's ebullience in India's primary markets has given way to caution.
"The small IPOs will keep coming," said Deepak Jasani, head of research at HDFC Securities, adding that it may take at least a couple of large IPOs to list at a premium to the offer price and "stay at those levels for at least seven days" to encourage investors, both institutional and retail, to warm up to the primary markets.
