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Initial Public Offerings reach a record IPO Funding of $300 Billion ;List of 2010 Indian and Green IPOs

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Initial Public Offerings in 2010 is going to reach almost $300 billion globally which is a record exceeding the last biggest IPO Funding Year in 2007.The drivers of the huge growth in IPOs in 2010 are a combination of factors which have come together.Going into 2011,the picture may not be as good as interest rates increase in Europe and other emerging markets.The main drivers of Capital Raising for IPOs has been

1) Near Zero Interest Rates in Developed Countries of USA,Europe and Japan

2) Emerging Market Growth where demand of capital is quite large due to investments in  infrastructure

3) Growing Investment Power of Asian Financial Instituions which emerged relatively unscathed from the Lehman Crisis.

Despite volatility, 2010 is all set to be a record year for IPOs

The amount raised globally from initial public offerings (IPOs) in 2010 is on track to beat any other year on record, according to Ernst & Young , despite waves of market volatility, which disrupted many planned listings. Fuelled by a booming Asian market – which has accounted for 64% of total IPO values – listings raised $255.3 billion in the first 11 months of 2010, and by year-end are expected to top the 2007 peak of $295 billion, it said.

Here are some of the IPO Analysis and Reviews covered in this Blog in 2010.

Green IPOs

Will Datang and Huaneng Renewable Energy IPOs Fail like other Green Utilities in 2010

Enel Green Power (EGP) Biggest European Renewable Energy IPO struggles despite strong markets

First Wind Holdings Review and Analysis – Pure Play USA Green Utility IPO looks a risky leveraged bet

Chinese Renewable Energy Company Ming Yang Wind Power to IPO in US – Should you Buy it

Trony Solar plans an IPO listing in HongKong after getting rebuffed in New York

Rare Earth Mineral IPO looks risky – Molycorp seeks to raise upto $478 million to build Mojave Desert mine

Green IPO Jinko Solar Analysis – Extremely Low Quality Offering Seems to be Done in Desperation (one of my major failures)

Pseudo Green company Codexis Manages to Close up 8% from IPO price

Indian Market IPOs

Good IPO

Punjab & Sind Bank IPO – Very Attractive Valuation makes it a Buy

Manganese Ore India Review,Valuation and Analysis – Government Owned High Quality Mining Stock a Must Buy IPO

Coal India IPO – Comprehensive News,Facts,Overview,Opinions,Price,Size and Analysis

TecPro Systems IPO Analysis – Construction Play on India’s Power Sector Growth at Reasonable Price

VA Tech Wabag IPO Analysis – Quality Global Water Management Company with Good Management,Technology and Strong Order Book

Eros International Media (EIML) IPO Review and Analysis – Good Media Content Play available at a moderately cheap valuation

Engineers India FPO Review – Analysis shows it to be a good safe play leveraging India’s infrastructure growth

Indian IPO Market – Fatpipe Networks Review and Analysis reveals it to be a decent buy

SJVN will leave something on the table for Indian equity investors

Neutal IPO

Claris LifeSciences Stock IPO Review – Good Growth,Sector and Valuation against Low Quality Management

A2Z Maintenance and Engineering Services IPO Review – Good Quality EPC,Facilities,Waste Management Company entering Biomass Energy Fairly Valued

Oberoi Realty IPO Analysis and Review- Indian Real Estate Stock not really compelling without being bad

Ashoka Buildcon IPO Review – Fast Growth Leveraged to Indian Infrastructure Story but Management and Valuation Questionable

Electrosteel Integrated IPO – Investing in the Parent ECL might be safer way to play

“Orient Green Power” IPO Analysis- Focused Renewable Energy Utility with Fast Growth Plans however Execution is the Question

Gujarat Pipavav IPO Analysis – Good Asset but Lack of Current Earnings Power makes it Avoidable

Bajaj Corp (BCCL) IPO review reveals it to be a one trick pony trying to diversify;would give it a miss

Standard Chartered IDR In Depth Review reveals Retail Investor Disadvantages

Junk IPO

Ravi Kumar Distilleries (RKDL) IPO Review- Small Liquor,Low Margin,Low Growth, Low Quality Company Avoidable

RPP Infra Projects Review and Analysis – Expensively Priced,Small Construction Junk IPO

India remains an IPO Pump and Dump Heaven for Fly by Night Operators

Prestige Estates IPO Review and Analysis – Valuation Too High for a Bad Company (Low Margins,High Debt,Stagnant Sales) in a Bad Sector (Real Estate)

Gyscoal Alloys IPO – More Crap taking advantage of Bernanke Fueled Emerging Markets Bull Run

Commercial Engineers & Body Builders IPO Analysis and Review – Bad Management,Negative Cash Flows and Super Expensive Valuation

Sea TV Network IPO Review and Analysis – Crap trying to Smell like Flowers in Indian Bull Market

Cantabil Retail IPO Analysis – Average Company in a Bad Sector makes it Avoidable

Career Point (CPIL) IPO – Shady Management,Falling Margins,Regulatory Risk and Expensive Valuation

Tirupati Inks Analysis – More Junk trying to raise money from the Primary Markets

Prakash Steelage IPO – Indian IPO market in sorry state as Management convicted for tax evasion files for offering

Midfield Industries IPO Review – Another overpriced small cap Indian Initial Public Offering

Indian IPO – Review and Analysis of Aster Silicates reveals it to be another High-Priced Junk Offering

India Junk IPO Market : Texmo Pipes seems a classic case of “Pump and Dump”

India Junk IPO Market – Cattle Feed Company “Tara Health Foods” gets No One to Chew

Yet another Junk IPO Tarapur Transformers in the offing


The Indian Market has seen a huge number of IPOs most of which have resulted in large losses for investors as most of the m are junk,low quality with shady management.In between there were a few good companies most of them government owned with Coal India being the best one.Renewable Energy also saw a large number of IPOs in 2010 despite a very tough market resulting in cancellations or sharp price drops in some of them.Technology IPOs were also far less compared to earlier years though Chinese Technology IPOs have performed extremely well.


Abhishek Shah

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