India ke IPO market mein September mahine mein record-breaking tezi rahi. Total **34 IPOs** ne market se **₹39,380 Crore** uthaye, lekin ab jaldi paisa banane ka sapna thoda mushkil ho gaya hai.
Market mein kyun machi hai hulchul?
September mahine mein IPOs ki baadh aa gayi thi kyunki SEBI ki ek deadline pass aa rahi thi. Companies ne jaldi-jaldi apni filings submit ki taaki 30 September ki deadline miss na ho. Is wajah se ek saath 34 IPOs market mein utar aaye aur total fundraising ₹39,380 Crore tak pahunch gayi.
Listing gains ka kya scene hai?
Pehle jo IPOs bumper listing de rahe the, wahan ab thoda brake lag gaya hai. August mein listing gains 24.4% the, jo September mein gir kar sirf 5.9% reh gaye. Iska saaf matlab hai ki investors ab stock price ko lekar zyada careful ho gaye hain.
Valuation itni expensive kyun?
Companies ab bahut mehngi valuations par aa rahi hain. September mein median P/E multiple 42.5x raha, jo August mein 33.7x tha. Kuch companies jaise ESDS Software Solution aur Hero Motors ki valuation toh 140x ke paar chali gayi, jo kaafi risky lag raha hai.
Ek aur tension ki baat: OFS ka khel
Ek aur dikkat ye hai ki jitna paisa IPOs se collect hua, uska 75% hissa 'Offer for Sale' (OFS) yani promoters ki jeb mein gaya hai. Company ki growth ya debt kam karne ke liye naya paisa (Fresh Capital) bahut kam aa raha hai. Aise mein investors ko ab sirf 'listing gain' nahi, balki company ke fundamentals dekh kar hi trade lena chahiye.