Whalesbook
Filings ka flood, par returns doob gaye!
India mein fiscal year 2026 khatam hote hote IPO filings ka tsunami aa gaya. 25 se zyada companies ne SEBI ko draft papers submit kiye hain, matlab aane wale saal mein market mein kaafi action dikhega. March 2026 mein hi 30 ke kareeb companies ne ₹600 billion (yani $6.3 billion) raise karne ka plan banaya, jo ek record hai. Sadbhav Futuretech, TC Terrytex jaise naam bhi is list mein hain.
FY26: Record Paisa, Par Pocket mein Kam!
FY26 mein total ₹1.79 lakh crore raise kiye gaye 112 mainboard IPOs se, jo pichle saal se 10% zyada hai. Yeh lagatar doosra saal hai jab itna bada fundraising hua. Lekin, jahan paisa zyada aaya, wahan investors ke returns kam ho gaye. FY26 mein average listing gain sirf -7% raha, matlab listing pe hi stock gir gaya! Pichle saal jahan 71% IPOs 10% se zyada return de rahe the, wahan ab sirf 31% ne aisa kiya hai.
Retail investors ka interest bhi 40% kam ho gaya hai, aur average IPO size bhi 23% ghat gaya. Toh numbers badhe hain, par quality aur returns pe sawaal hai.
Investor kyon hain pareshan?
Is baar companies IPO se jo paisa raise kar rahi hain, usmein kaafi hissa (26%) purana loan chukane (debt repayment) aur working capital ke liye use ho raha hai. Iska matlab hai ki companies sirf expansion ke liye nahi, balki apne finances manage karne ke liye bhi IPOs ka sahara le rahi hain. Jab market khud hi Sensex aur Nifty mein >5% aur >7% ka loss dekh chuka tha FY26 ke end mein, toh investors ka cautious hona banta hai.
Aage kya?
Filings toh bahut hain, aur SEBI se approval le chuke 144 companies ₹1.75 lakh crore aur 63 companies ₹1.37 lakh crore raise karne ko taiyar hain. Analysts ko umeed hai ki market theek hone par sentiment wapas aa sakta hai. Lekin abhi ke liye, companies ko careful pricing aur solid fundamentals dikhane honge, nahi toh investors share purchase karne se pehle do baar sochenge.