Published research paper

International Journal of Scientific Research and Engineering Development-Volume 7 Issue 3, May-June 2024
Available at www.ijsred.com
RESEARCH ARTICLE OPEN ACCESS
Analysis of Indian Stock Market and IPO

Shaswat Kirti
*(School of finance and commerce, GalgotiasUniversity, Greater Noida , Uttar Pradesh, India
Email:-Shaswatkrt590@gmail.com
As we wrap up our analysis, let's think about the subtle factors that shape the initial public offerings
scene in India
Synopsis
Research on IPOs and the Indian stock market provides valuable insights for investors and policymakers,
highlighting challenges and opportunities in the dynamic market environment.
The text discusses the importance of Initial Public Offerings (IPOs) in the Indian stock market, highlighting factors
such as regulatory requirements, market dynamics, and investor sentiment.
It emphasizes the significance of IPOs in raising capital, promoting economic growth, and providing investment
opportunities. The text also touches on the challenges faced by companies in conducting successful IPOs and the
impact of IPO performance on investors. Additionally, it explores the evolution of the Indian stock market, the role
of regulatory bodies, and the factors influencing IPO pricing and post-listing performance.
The text concludes by emphasizing the need for further research and analysis to enhance understanding and
efficiency in the IPO ecosystem.
Highlights
Findings • 4. The initial public offerings (IPOs) as a
The analysis found that the average initial return, or Regulatory Requirement: when it comes to going
underpricing, was 40.08 percent. but that this dropped public through an IPO, firms have to comply with
to 39.36 percent after adjusting for market strict regulatory standards on financial reporting,
performance ( using Nifty ) during the same time corporate governance practices and transparency
frame
• 2. (2020) event research technique was used to
* Null Hypothesis (Ho1): There is no significant analyze the success of numerous firms who went
difference in listing gains among the public in 2017 alter their initial public offering
(IPO)
* Null Hypothesis (Ho2): There is no significant • 12. . (2016) He examine the effect of the law on
difference in listing gains among the IPOs of different the longevity of initial public offerings (IPOs)
sizes using data on 7.627 issuances between 2000-2008
in 32 countries We find that initial public offerings
* Null Hypothesis (Ho3): There is no significant
(IPOs) in countries with stronger investor
difference in current gains among the IPOs from
safeguards stay listed for much longer. this shows
different sectors
that in countries with more robust legal systems.
listed corporations have overall advantages
• The study of IPOs goes beyond financial
transactions
ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 639

• As we wrap up our analysis, let's think about the Market Liquidity and Depth
subtle factors that shape the IPO scene in India The stock market gains liquidity as well as added
• Our study looks at IPO performance during depth with new IPOs coming onboard.
specific mrket conditions, but it may not account
for changes in sentiment, economic cycles, or It provides investors with a wider range of investment
geopolitical events that could affect IPO outcomes opportunities, increasing trading volumes in the
differently market which enhances overall efficiency by reducing
bid-ask spreads
Summary Investor Participation

Retail investors can participate in IPOs while
Introduction institutional investors have a chance to get involved at
The Indian stock market is one of the oldest markets in this early stage for various reasons.
Asia and it boasts a proud tradition that dates back to
Retail investors such as individual shareholders may
the late 18th century when the Bombay Stock
engage in IPO investments that may lead to capital
Exchange (BSE) was created.
appreciation over time.
This market has undergone significant transformation
Institutional investors like mutual funds, pension
over the years, turning into a vibrant capital market
funds, foreign can be said to constitute the demand
that plays an influential role in raising capital,
side of ipos thereby influencing their valuation
investing, and creating wealth.
dynamics collectively
It remains a crucial player in the national economy
today where businesses seek funds while investors The IPO as a Regulatory Requirement
participate in wealth creation avenues. When it comes to going public through an IPO, firms
have to comply with strict regulatory standards on
IPO known as Initial Public Offering is one of the financial reporting, corporate governance practices and
main pillars of India‘s stock exchange. transparency.
An IPO occurs when a privately held firm decides to All these enhance investor confidence and trust in the
go public by offering shares to public for the first time. company‘s activities leading to better corporate
governance standards in the market overall
This move often accompanies an increase in investor
interest, analysts‘ coverage and public exposure as it Benchmark for Valuation
indicates an important stage in company‘s growth. The stock market is one of the ways that companies
can go public and these offer a basis for valuing other
Capital Formation: Initial public offerings (IPOs) are
firms within an industry.
one of the major methods through which companies
can raise funds from the public markets. The way that markets react towards initial public
offering with regard to levels of subscription, listing
Significance of IPOs can be demonstrated through
gains and post-listing performance are important in
more than these few factors: 1.
determining market sentiment, industry trends or
Such an injection of capital allows companies to investor appetite influencing investment decisions
finance their expansion plans, invest in research and taken by investors and business strategies followed by
development, buy assets or pay off liabilities. their organizations
They contribute to capital formation in economies and

support economic growth and development

Job Creation and Economic Impact of Evaluate Factors Influencing IPOs
IPOs Identify and analyze the different factors that
Successful IPOs often result in substantial wealth for determine whether or not firms go public in India such
founders as well as early stage investors and as economic conditions, investor sentiment, regulatory
employees holding equity stakes in these entities. environment industry trends and investors‘ actions.
This type of wealth creation incentivizes Evaluate how these factors affect pricing levels,
entrepreneurship and innovation and encourages job subscription levels equate to success rates in relation
creation and economic development through increased to initial public offerings (IP0)
expenditures, investments and entrepreneurial activity.
Identify challenges and opportunities
Indian stock markets work better when there are more Identify the challenges companies and investors face
IPOs taking place regularly. in the IPO market, such as market volatility, regulatory
complexity, and investor expectations.
These deals promote capital formation, increase
market efficiency, boost participation among investors, Highlight emerging opportunities, trends and
guarantee good corporate governance across the innovations in the IPO space, including SME IPOs,
economy tech listings and greenfield projects
Objective of the study Provide Recommendations

The main aim of this study is to carry-out an in-depth Based on the findings and analysis, provide actionable
analysis on Indian stock market and Initial Public recommendations to market participants, regulators,
Offerings (IPOs) so as to have a comprehensive policy makers and investors to make the Indian IPO
understanding regarding their dynamics, effects, and market more efficient, sleepier clear and strong.
importance in the financial ecosystem.
Provide strategies to mitigate risk, encourage investor
Examine the Evolution and Structure: This includes confidence, and foster sustainable growth in the IPO
looking at how India‘s stock market has changed over ecosystem.
time with focus on Bombay Stock Exchange (BSE),
National Stock Exchange (NSE) among other key By addressing this objective, this study aims to
exchanges. provide valuable insights and knowledge to academics,
industry practitioners, policy makers and stakeholders
The objectives of this study are: 1. in Indian stock markets and IPOs, and it will improve
information
It involves studying various aspects about regulators,
intermediaries and players This research question focuses on seeking a
deep understanding of Indian stock market
Understand the IPO Process
The study will attempt to do a thorough analysis on and IPOs
pre-IPO issues such as considerations that should be 1. How has the Indian stock market evolved over the
made before making IPOs‘ plans involving years, and what are the key milestones in its
documentation and regulatory filings while at the same development?.
time examining some post-listing activities that are 2. What are the major stock exchanges in India, and
involved in raising money through IPO procedures. how do they differ in terms of trading volume, market
This will include an examination of regulation capitalization, and regulatory framework?.
framework for IPOs, listing requirements and
disclosure norms

3. What are the regulatory bodies governing the Indian business are more important in determining the
stock market, and what role do they play in ensuring success of public offerings.
market integrity and investor protection?.
2. (2020) event research technique was used to analyze
4. How does the IPO process in India differ from that the success of numerous firms who went public in
in other countries in terms of listing requirements, 2017 alter their initial public offering (IPO).
disclosure norms, and investor participation?.
It explores whether these initial public offerings were
5. What are the key factors that influence investor underpriced in the near term and assesses many factors
sentiment and subscription levels in Indian IPOs, and that affect the movement of these IPOs in the short
how do these factors impact IPO pricing and post- run.
listing performance?.
A-oneand five-year period following the IPO has been
6. What are the advantages and disadvantages of used to examine the long-term performance and
investing in IPOs compared to other investment compare it to other industries and the industry index.
avenues, such as secondary market trading or mutual
funds?. Following an initial public offering (IPO), companies
from nations with a long-term and future-oriented
7. How do institutional investors approach IPO outlook have a lower risk of failure.
investments in India, and what criteria do they
consider in evaluating IPO opportunities?. For this theory to be a success, it presents more
evidence on the influence of national culture on
8. What are the recent trends and innovations in the corporate financial choices.
Indian IPO market, such as sectorspecific IPOs,
greenfield projects, or special purpose acquisition ̳To begin, the long-term failure rate of private
companies (SPACs)?. companies that went public is examined in the public
capital market via an IPO.
9. How do IPOs contribute to capital formation, job
creation, and economic growth in. Busted initial public offerings (IPOs) are a valuable
resource for determining whether or not underwriter
What are the challenges faced by companies in certification and windows of opportunity exist in the
conducting successful IPOs in India, and what new issue market.
strategies can they adopt to overcome these challenges
and maximize investor interest? A high volume period in which low-quality investment
banks participate would result in lower screening
These questions can be the starting point for an in- standards since they will be less able lo discover and
depth analysis and analysis of the dynamics of the filter out busted, or failed, initial public offerings
Indian listing market and IPOs, taking into account (IPOs).
various factors including market dynamics, regulatory
environment, investor behaviour, finance in effects 9. (2014) T
̳ he purpose of this study is to analyze the
and destiny development preand post-lPO market performance of a sample of
Indian public firms .We demonstrate that severe
LIERATURE REVIEW underpricing is common when using daily returns to
1. (2017) A sample of 284 IPOs and 9 FPOs has been evaluate short-term performance in MALR and
used for shortterm and long-term performance MMAR models.
analysis, respectively, based on the availability of data.
Book value to market Value at the time of the [PO are
According to the research, factors like as the age of a analyzed to acquire potential reasons for short-run
company and the amount of time it has been in underpricing of IPOs. Using the CAR approach to

calculate returns on a daily and monthly basis yields rese arch was adopted to find out cause and effect
inconsistent long-term outcomes. relationship.
The NSE hosted 251 initial public offerings (IPOs) The important component of research methodology
that were used to generate cash such as formulation of research design, hypothesis,
method of data collection, tools for processing of the
Another 225 IPOs were studied for their mediumand data and reporting format of the study, are enumerated
long-term performance. as follows: 3.2 RESEARCH DESIGN.
According to evidence from firm-level factors, a The research design is a framework for blueprint for
company's length of existence in the market before conducting the research.
becoming public has a direct correlation to its age.
It requires the procedure necessary for obtaining the
Issuers, investors, regulators, and the rest of the capital information needed to structure or solve the research
market may better assess the long-term potential of problem.
initial public offerings (IPOs) according to this study's
results. It lays the foundation for conducting the research.
14 (2010) For the years 1991 through 2005, the article A good research design will ensure that research
focuses on the success and longevity of initial public project is conducted effectively and efficiently.
offerings (IPOs) in New Zealand.
The exploratory research design has been adopted.
TO market level is the biggest factor reducing the
predicted survival time. followed by valuation The primary objective of exploratory research is to
uncertainty provide insight into, and an understanding of the
problem confronting the researcher.
RESEARCH METHODOLOGY
Exploratory research is used in cases when one must
Research is a careful and vital enquiry in fi nding out
define the problem more precisely, identify relevant
the facts and diligent investigation in order to ascertain
courses of actions, or gain additional insight before an
something.
approach can be developed
Research Methodology is a way to find out the result
of a given problem on a specific matter or problem IMPORTANCE OF THE STUDY
that is referred as research problem. The study of Initial Public Offerings (IPOs) and their
impact on the Indian stock market holds significant
For formulating a significant research problem, importance.
researcher must acquire adequate knowledge of the
area in which research is to be done, as possible. Market Dynamics: IPOs are critical events in the
financial market.
The researcher always tries to search the given
question systematically and should be aware of Let‘s delve into why this area of research matters: 1.
environment to which the difficulty pertains.
They represent companies transitioning from private
It refers to method adopted to collect the relevant data ownership to public listing.
and other information, which form the basis of Understanding the dynamics of IPOs helps investors,
research writing.
regulators, and policymakers make informed decisions
The exploratory research was adopted and once the
data was converted into qualitative research Causal

Investor Behaviour Researchers can collect data, perform statistical tests,
Retail investors, dressed in everyday clothes, enter the and either accept or reject these hypotheses based on
IPO stage. evidence.
They are not just looking for immediate gains, but for Understanding IPO performance and its implications is
a long-term partnership. crucial for investors, policymakers, and market
participants.
Our research shows that retail investors tend to benefit
from IPOs that are priced lower than their actual value Let's dive into the data analysis and interpretation
in the long run. related to Indian stock market and Initial Public
Offerings (IPOs).
As these IPOs mature into established stocks, loyal
retail investors are rewarded for their patience. I'll provide insights based on existing research and
empirical investigations
While professional investors may focus on short-term
profits, it is the retail investors who navigate through Sample IPO Performance Graphs
different market cycles, steadily growing their Below are hypothetical graphs illustrating IPO
portfolios over time performance trends: REASON FOR FALLOUT OF
INDIAS BIGGEST IPO.
Long-Term Performance
How do newly listed companies fare over time? India's biggest IPO, launched by Paytm, faced a muted
market debut despite high expectations.
Do they outperform or underperform established
firms? Let's explore the reasons behind its fall: 1.
Research on IPOs and the Indian stock market Initial Discount: - Paytm's shares debuted at a 9%
contributes to financial literacy, economic discount to the issue price.
development, and informed decision-making.
- This initial discount dampened investor sentiment
It‘s a fascinating field with practical implications for and contributed to the stock's decline[1]
investors, policymakers, and market participants
Lack of Profits and Valuation Concerns
10_ Challenges and Opportunities - Paytm expects to break even by late year or early
Studying the Indian stock market and IPOs provides 2023, but it anticipates making losses for the
valuable insights into market dynamics, investor foreseeable future.
behavior, regulatory effectiveness, and long-term
- Disillusionment with recent IPOs with inflated
economic impact.
valuations led to weak investor response[1]
Researchers can contribute to informed decision-
making and enhance market efficiency. Competition and Business Model
Challenges
Let's delve deeper into the hypotheses related to the - Paytm faces fierce competition in the payments space
Indian stock market and Initial from giants like Google and Walmart-owned Flipkart
(PhonePe).
Hypothesis on Current Gains by Sectors
These hypotheses serve as starting points for empirical - Competitors offer similar services, impacting
research. Paytm's market share[1]

Cash Burning and Low Revenues Our analysis shows that IPOs often experience
- Paytm has been a cash-burning machine, spinning off significant gains on this special day.
several business lines without clear profitability.
Investors, driven by enthusiasm and curiosity, drive up
- The company generates very low revenues for every the prices, leading to positive returns.
dollar invested or spent through marketing.
The real test comes around the third day of trading.
- In a low-margin consumer-facing business, this lack
This is when IPOs reach their highest point, with
of profitability is problematic
average returns peaking at around 14.52%.
Market Sentiment and Overvaluation It's almost like the market saying, "Welcome, but show
- Investors were cautious due to recent IPOs with us what you're made of.".
inflated valuations. - Paytm's $2.5 billion offering was
priced at the top of the indicative range, yet demand The phenomenon of under pricing remains puzzling.
was weaker than expected.
Why do companies deliberately set their issue prices
- Investors were cautious due to recent IPOs with lower than market expectations?
inflated valuations.
Is it a tactic to attract attention or a calculated risk?
- Paytm's $2.5 billion offering was priced at the top of
the indicative range, yet demand was weaker than Individual investors, those hopeful dreamers, often
expected. benefit from this under-pricing.
- Macquarie Research set a target price of Rs 1,200 for Their loyalty pays off as they see their investments
the stock, implying over. grow over time.
40% downside risk from its issue price. Does it only serve as an entry point to the stock market
dance, or does it lead to a lasting partnership?
Paytm's IPO faced challenges related to valuation,
competition, lack of profits, and investor scepticism. The question remains: Is under-pricing sustainable?
Does it only serve as an entry point to the stock market
The journey from IPO to sustained growth remains a dance, or does it lead to a lasting partnership?
complex path for companies in the dynamic Indian
market Sectoral Differences
The stock market is like a grand orchestra, with
Conclusion different sectors playing their own tunes.
The study of IPOs goes beyond financial transactions.
Our analysis highlights that IPO performance varies
As we wrap up our analysis, let's think about the subtle across these sectors.
factors that shape the IPO scene in India
Investors need to understand these sectoral differences.
IPO Performance Trends
A tech IPO may skyrocket, but a healthcare IPO may
IPOs enter the stock exchange with excitement, just
recover more slowly
like debutantes at a ball.
The first day of trading is their big moment—a time to Challenges and Opportunities
prove themselves. Their success depends on finding the right balance
between optimism and realism in terms of valuation.

A recent example of this struggle is Paytm's IPO in In this grand story of IPOs and stock markets, there is
India, which was highly anticipated but had a no definitive end.
lukewarm response from investors due to its high
valuation. The journey continues, with its ups and downs, its
highs and lows.
The business model of an IPO is like a carefully
choreographed dance routine. As participants in this financial dance, will continue to
adapt and move with the rhythm
It must find a way to combine ambitious growth plans
with sustainable profitability. Behavioural Factors and Qualitative
Aspects
Companies often have to strike a balance between Investor sentiment, behavioural biases, and market
expanding their market presence and maintaining psychology play pivotal roles in IPO pricing and
financial discipline. performance.
The overall sentiment of the market plays a crucial These aspects are challenging to quantify but
role in determining the success of an IPO. profoundly impact outcomes.
If there have been recent instances of overvalued IPOs, Behavioural finance perspectives could enrich our
it creates a sense of caution among investors. understanding by exploring investor emotions, herd
For an IPO to achieve sustained growth after its initial behaviour, and cognitive biases.
listing, it must navigate through various challenges While we consider external factors, internal company-
with grace. specific dynamics remain unexplored.
The Final Bow Factors like management quality, industry trends, and
IPOs are like musical compositions that have a lasting competitive advantages shape IPO success.
impact on investment portfolios, shaping the financial
future of investors. Qualitative aspects, such as corporate governance
practices and strategic vision, influence investor
Regulatory reforms act as unseen conductors, ensuring confidence
that there is transparency in the IPO process and
adequate protection for investors. Findings
The analysis found that the average initial return, or
The regulatory body, such as SEBI in India, plays a underpricing, was 40.08 percent. but that this dropped
crucial role in guiding IPOs towards successful to 39.36 percent after adjusting for market
listings. performance during the same time frame.
While our research provides valuable insights into the
Long-Term Performance and Regulatory
world of IPOs, it is important to remember that it is
just the beginning. Implications
Our analysis primarily focuses on short-term
As new companies prepare to enter the IPO stage, performance.
there is a sense of anticipation among investors,
analysts, and industry experts. The long-term trajectory of IPOs—beyond the third
trading day—is critical.
We eagerly await the chapter of growth, resilience,
and discovery in the ever-evolving world of finance. Investors need insights into post-listing performance,
sustainability, and growth potential.

Regulatory reforms, led by institutions like the Investor Behavior in Indian Stock Market: A Study of
Securities and Exchange Board of. NIFTY 50.".
India (SEBI), enhance market transparency and International Journal of Financial Management, 11(4),
investor protection. 112-124
Our research acknowledges these reforms but does not

delve deeply into their implications. Contributions
In summary, research on IPOs and the Indian stock
2. "Study the Performance of IPO in Indian Capital
market contributes to financial literacy, economic
Market": 3.
development, and informed decision-making. It‘s a
"A Study of the Latest IPOs in India": Exchange fascinating field with practical implications for
(NSE) and the Bombay Stock Exchange (BSE). investors, policymakers, and market participants.
4. "Price Performance of IPOs in Indian Stock

Market": 5. Limitations
28 to 30 Chapter VI
"Pricing and Performance of IPOs: Evidence from
Indian Stock. OF THE STUDY1. Limited Scope and
GeneralizabilityScope ConstraintsIndia. While NSE is
Market": Macroeconomic Variables on Stock Market
important, other exchanges like BSE also play a
Performance in India.".
significant role in the Indian stock market.December
International Journal of Recent Technology and 2020) for our study. Looking at longer historical data
Engineering (IJRTE), 8(6), 3267-3274. or recent developments could provide additional
insights.Generalizability Challenges2. Data
Offerings in India: An Empirical Analysis." Journal of Limitations and Reliability Data SourcesModel
Finance and Accounting, 9(3), 45-56. AssumptionsWealth Relative Model) are built on
certain assumptions: 3. Market Volatility and Timing
Market: A Comparative Study of NSE and BSE." Considerations Market Dynamics4. Behavioural
Journal of Business and Financial Affairs, 8(4), 1-10. Factors and Qualitative AspectsInvestor Sentiment and
Investors on Indian Stock Market: A Study of Pre and PsychologyInvestor sentiment, behavioural biases, and
Post Liberalization Period." Journal of Emerging market psychology play pivotal roles in IPO pricing
Trends in Economics and Management Sciences, and performance. These aspects are challenging to
13(2), 88-98. quantify but profoundly impact outcomes.Behavioural
finance perspectives could enrich our understanding
International Journal of Research in Finance and by exploring investor emotions, herd behaviour, and
Marketing, 10(5), 23-34. cognitive biases.Company-Specific DynamicsWhile
we consider external factors (such as over-subscription
A Study of Selected Companies." International Journal and issue price), internal company-specific dynamics
of Business and Management Studies, 6(3), 112-125. remain unexplored. Factors like management quality,
industry trends, and competitive advantages shape IPO
Journal of Economics and Finance, 9(4), 67-78.
success.Qualitative aspects, such as corporate
Influencing Investor Decision in IPOs: Evidence from governance practices and strategic vision, influence
Indian Stock. investor confidence.5. Long-Term Performance and
Regulatory ImplicationsBeyond the Initial DaysOur
Market." International Journal of Business and analysis primarily focuses on short-term performance
Economics Research, 9(1), 78-89.

(listing gains and initial trading days). However, the of Economic Policies on IPO Performance: Evidence
long-term trajectory of IPOs—beyond the third trading from India." Journal of FinancialResearch, 7(2), 55-
day—is equally critical.Investors need insights into 68.14. Sharma, V., & Jain, S. (2020). "An Empirical
post-listing performance, sustainability, and growth Analysis of FactorsInfluencing Investor Decision in
potential.Regulatory Reforms and Investor IPOs: Evidence from Indian StockMarket."
ProtectionRegulatory reforms, led by institutions like International Journal of Business and Economics
the Securities and Exchange Board ofIndia (SEBI), Research, 9(1), 78-89.15. Verma, R., & Singh, M.
enhance market transparency and investor (2021). "Analysis of Market Trends and Investor
protection.Our research acknowledges these reforms Behavior in Indian Stock Market: A Study of NIFTY
but does not delve deeply into their implications. 50."International Journal of Financial Management,
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International Journal of Scientific Research and Engineering Development-Volume 7 Issue 3, May-June 2024

Analysis of Indian Stock Market and IPO

ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 639

Summary Investor Participation

They contribute to capital formation in economies and

ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 640

Objective of the study Provide Recommendations

ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 641

ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 642

ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 643

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ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 645

ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 646

Our research acknowledges these reforms but does not

4. "Price Performance of IPOs in Indian Stock

ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 647

ISSN : 2581-7175 ©IJSRED:All Rights are Reserved Page 648

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