A rising tide of liquidity that lifted sentiment in the secondary markets has also resulted in a new share sale boom. In April-September, the first half of this fiscal year, Rs17,283 crore will be raised from equity markets, the highest in nine years, show data from Prime Database, a primary market tracker.

The money raised through initial public offerings (IPOs) is a three-fold increase over the year-ago period. Business services provider Quess Corp. Ltd’s IPO has been the most popular in terms of subscription during the first half of the fiscal year, and ICICI Prudential Life Insurance Co. Ltd became the first insurer to list on the stock exchanges.

Most share sales were intended to provide exits for promoters and venture capital/private equity investors, and little growth capital was raised. That said, the pipeline looks good, with 16 companies planning to raise Rs5,745 crore having received regulatory approval; five targeting Rs6,810 crore have filed their share-sale documents and are awaiting approval from the capital markets regulator.

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