Aajkal ke IPOs mein **50% se 70%** paisa toh 'Offer-for-Sale' (OFS) mein ja raha hai! Iska matlab company ke expansion ke liye nahi, balki purane investors ko cash out karne ke liye IPO laya ja raha hai.
Indian market mein aajkal IPOs ka trend badal gaya hai. Pichle 3 saal ka data dekhein toh 50% se 70% paisa jo IPOs se uthaya gaya hai, wo OFS (Offer-for-Sale) ke zariye purane investors ki jeb mein gaya hai. Matlab seedha sa hai—company business badhane ke liye nahi, balki promoters aur venture capital firms ko exit dene ke liye market mein aa rahi hai.
Fresh Issue vs OFS: Fark samjho!
IPO do tarike se paisa uthata hai:
- Fresh Issue: Isme company naye shares banati hai, aur ye paisa business expansion, debt repayment, ya kaam-kaaj mein lagta hai. Ye healthy sign hai.
- OFS: Isme company ko ek rupaya bhi nahi milta. Purane investors apne share public ko bech kar nikal jaate hain. Jab OFS ka component bahut zyada hota hai, toh samajh lo ki ye ek 'exit ramp' ki tarah use ho raha hai.
Valuation aur 'Skin in the Game'
Aajkal ke listing valuations 21.6x EV/EBITDA tak pahunch gaye hain, jo kaafi high hai. Jab valuations itne upar hon aur saath mein OFS ka weight zyada ho, toh savdhan ho jana chahiye. Long-term investors ke liye 'Skin in the Game' bahut zaruri hai—yani listing ke baad bhi promoter ke paas kitna stake bacha hai. Agar promoters jaldi stake kam kar rahe hain, toh samajh lo unhone apne target returns achieve kar liye hain.
Investors ko kya karna chahiye?
Kisi bhi IPO mein paisa daalne se pehle DRHP (Red Herring Prospectus) ka 'Objects of the Offer' section zarur padhein. Wahan saaf likha hota hai ki kitna paisa business mein lagega aur kitna purane investors ki jeb mein. Sirf hype mein mat bhago, company ke future profit projections aur business model ko verify karo taaki aapka paisa sirf kisi aur ka exit ticket na bane.