Whalesbook
SEBI Approvals Expiry Ke Kareeb
Dekho, jab bhi koi company IPO laane wali hoti hai, toh SEBI se approval lena padta hai, aur yeh approval usually 18 mahine tak valid rehta hai. Abhi kya hai na, Credila Financial Services (jiska aim ₹50 billion raise karna tha), Hero FinCorp Ltd., Dorf-Ketal Chemicals India Ltd., aur Veritas Finance Ltd. jaise companies ke liye yeh time limit lagbhag khatam hone wali hai.
Market mein jo uncertainty hai, uski wajah se yeh companies listing nahi kar paa rahi hain. Agar market ki situation theek nahi hui toh inko pura approval process dobara start karna padega, matlab naye documents file karna, jo bahut mehnga aur time consuming hota hai.
Valuation Ka Game Fasayega?
Sirf market down hona hi problem nahi hai, balki companies jo valuation maang rahi hain aur investors jo dene ko ready hain, usmein kaafi gap aa gaya hai. Is saal FY26 mein India ke IPO market mein situation kaafi reverse hui hai. Jo 18 mainboard IPOs aaye hain, unmein se 12 toh apne issue price se neeche trade kar rahe hain. 7 toh 11% se 35% tak gir gaye hain. Isse pata chalta hai ki investors abhi IPOs ke valuation ko lekar kaafi cautious hain.
Global Tensions Aur Market Mein Dar
West Asia mein chal rahe conflicts, crude oil prices ka high hona aur Indian Rupee ka weaken hona (April 1, 2026 ko Rupee approx 0.0107571 USD ke barabar tha, aur Brent crude $105.3 per barrel tha) - yeh sab factors market ko volatile bana rahe hain. March ke end mein thoda rebound dikha tha, par overall sentiment abhi bhi careful hai.
Hero FinCorp Aur Veritas Ki Kahani
Hero FinCorp ki baat karein toh, revenue growth acchi hone ke bawajood FY25 mein inka profit 82.74% gir gaya tha. Unlisted market mein bhi inka share price ₹2,000 se gir kar ₹1,040–1,050 tak aa gaya hai. Wahi, Veritas Finance ₹2,800 crore issue mein se lagbhag 80% Offer for Sale (OFS) rakha hai, matlab promoters exit karna chahte hain, jisse investors aur bhi conservative valuation ki demand kar rahe hain.
Refiling Ka Risk Aur Costs
Agar companies ko dobara file karna pada, toh ismein kaafi paisa aur time lag jayega, aur listing shayad late 2024 ya 2027 tak ho sakti hai. Hero FinCorp aur Veritas Finance mein substantial OFS dikha raha hai ki sellers zyada valuation chahte hain, jabki buyers risk dekh kar kam dene ko ready hain. Overall, agar market conditions improve nahi hui, toh jo 84 companies SEBI approval ke saath wait kar rahi hain, unki listing mushkil ho sakti hai.