CHAPTER-I

INTRODUCTION

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 INTRODUCTION

An initial public offering (IPO), mentioned simply as an "offering" or "flotation", is

when a corporation (called the issuer) issues common shares or shares to the general
public for the primary time. they're often issued by smaller, younger companies
seeking capital to expand, but also can be done by large privately-owned companies
looking to become publicly traded.

In an IPO the issuer may obtain the help of an underwriting firm, which helps it
determine what sort of security to issue (common or preferred), best offering price
and time to bring it to plug .

An IPO are often a risky investment. For the individual investor it's tough to predict
what the stock or shares will do on its initial day of trading and within the near future
since there's often little historical data with which to research the corporate . Also,
most IPOs are of companies browsing a transitory growth period, and that they are
therefore subject to additional uncertainty regarding their future value.

Capital market is an important pre-requested for industrial and commercial

development of a rustic . Capital market refers to the institutional arrangement which
facilitates the borrowings and lending of future fund. In capital market we will
divided into two parts they're primary and secondary market. In primary market also
referred to as new issue market. It represents primary market where new securities i.e.
shares or bonds that haven't been previously offered.The importance of this study is
analyzing the IPO scrip’s during the year 2013 to 2018. This study supported
differences of Issue price and LTP. so as as to if the IPO’s are overpriced or under
priced. The investor how get the gain or loss.The study continued supported the sole 2
parameters they're Issue price and LTP. The differences of LTP & Issue price we will
describe the scrip is overpriced or under priced. Not other parameters considered. This
study shows that sector wise scrip’s are overpriced or under priced.

during this study find the IPO how gives the advantages and given the rules and
suggestions to the investor. Before selecting a corporation the investor should believe
the corporate . an honest investor should diversify and reduces his risk by investing in
several securities. Primary market returns are very attractive briefly period especially

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on the day of listing. But investor in IPO’s should take wise decision in choosing the
simplest company.

NEED OF THE STUDY:

IPO’s are often looked upon as a speculative opportunity to earn abnormal profits on
the listing day. Companies which plan to go public face the added pressure of the
market which can cause them to focus more on short- term results instead of long-
term growth. The actions of the company’ management also become increasingly
scrutinized as investors constantly search for rising profits. this might lead
management to perform somewhat questionable practices so as to spice up earning

Before deciding whether or to not go public, companies must evaluate all of the
potential advantages and drawbacks which will arise and fix prices that are the
simplest interest of the corporate and investors.This study helps the investor to make a
decision the acceptable investment strategy to urge maximized returns.

OBJECTIVES THE STUDY:

• The objective of doing this project is especially to form a study of trends in primary
market from 2014-2018 with special regard to LTP (Last Traded Price) and Issue
Price.

• To examine the difference between LTP and Issue Price of varied scraps in several
sectors.

• To assess whether the difficulty Price are hyped up or under priced supported
difference between LTP and Issue Price.

• To examine gain or loss to the investor supported the above study.

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SCOPE OF THE STUDY:

The study covers only NSE listed securities of primary market Only LTP and Issue
price are taken into consideration for judging whether the scrip’s are under priced or
hyped up not considering other parameters.The study covers the amount from
year2014-2018 only.Study covers randomly selected scrip’s under various sectors.

METHODOLOGY OF THE STUDY:

The data collection methods include both primary and secondary collection methods.

Primary Data:This method includes the info collected from the private interaction
with authorized members of ICICI BANK LTD.

Secondary Data: The secondary data collection method includes:

The lecturers delivered by the superintendents of respective departments.

The brochures and material provided by ICICI BANK LTD.

The data collected from the magazines of the NSE, economic times, NSE website, etc.

Various books concerning the investments, capital market and other related topics.

TOOLS USED FOR ANALYSIS:

1) TABULATION: A Table may be a systematic arrangement of statistical data in

rows and columns. Rows are horizontal arrangements whereas columns are vertical.
Tabulation may be a systematic presentation of knowledge during a form suitable for
analysis and interpretation.

The tables used are as follows:

a) One way table: It presents just one characteristic and hence in answering one or
more independent questions with reference to those characteristics.

b) Two-way table: It contains sub divisions of a complete and is in a position to

answer two mutually dependent questions.

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2) DIAGRAMETIC AND GRAPHICAL REPRESENTATION OF DATA: an image
is worth thousand words. The impression created by an image has much greater
impact than any amount of detailed explanation. Statistical data are often effectively
presented within the sort of diagrams and graphs. Graphs and Diagrams make
complex data simple and simply understandable. they assist to match related data and
convey out subtle data with amazing clarity.

The Diagram used are as follows:

a) Bar diagrams: Bar diagrams are used specifically for categorical data or series.
They contains the group of equi-distant rectangles, one for every group or category of
knowledge during which the values of magnitudes are represented by length or height
of rectangles.

b) Sample Bar diagram: it's used of comparative study of two or more aspects of one
variable or single category of knowledge .

LIMITATIONS OF THE STUDY:

A good report sells the results of the study. But every project has its own limitations.
These limitations are often in terms of

1) The project doesn’t study the entire primary market thanks to time availability and
course requirement.

2) Project doesn’t consider whole issues under each sector thanks to time limitation. It
takes Into consideration randomly selected issues

3) Limited to a specific period: Data into account is taken from 20162016 Previous
years aren't taken into consideration.

4) Partial fulfillment: Project studied doesn’t fulfill all requirements because it doesn't
study the entire primary market thanks to time availability and course Requirement. It
only fulfills the partial requirement because it studies only certain Important aspects
of primary market.

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5) Approximate results: The results are approximated, as no accurate data is out
there .

6) Study takes into consideration only LTP and issue prices and their difference for
Concluding whether a problem is overpriced or under priced leaving other.

7) The study is predicated on the problems that are listed on NSE only.

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CHAPTERIZATION:

CHAPTER-1

Introduction of the study, need of the study , Objectives of the study, Scope of the,
study,Methodology and Limitations.

CHAPTER-2

Theoretical framework and Review of literature provides basic information,Narrative

description and briefing of the concept.

CHAPTER-3

Industry profile and Company profile gives the insight of the corporate like origin,
Products and shortly

CHAPTER-4

Data analysis and Interpretations gives the summary and therefore the observations
obtained during the research

CHAPTER-5

The suggestions, Findings & Conclusion after the study are described

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 CHAPTER - II

THEORETICAL FRAMEWORK

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This project focuses on the relatively unexplored area of primary equity markets
in India. Its broad goal is to begin the process of understanding how and why
primary markets develop.
Primary markets are where the firms raise capital through the issuance of
financial securities traded after insurance. The research will examine the
development of domestic primary market, focusing on macro economic factors.
With the abolition of Control over Capital Issues prior approval of capital issue
proposals by companies has been dispensed with. The companies are required
now to be fair and honest to the investing public by disclosing all material facts
along with the risk factors associated with their projects to the public. The present
practice of brochure which is circulated widely to the investors along with
application form has been replaced with abridged prospectus to be attached to the
New Issue application forms.

The word “market” can have different meanings but it is used most often as a
catchall term to denote both primary and secondary market. Infact primary
market and secondary market are both distinct terms that refers to the market
where securities are created and the one in which they are traded among investors
respectively. Knowing the functions of primary and secondary market is the key
to understanding how stocks trade. Without them, the stock market would be
much harder to navigate and much less profitable. We will help you to understand
how these markets work and how they relate to individual investors.
The primary market is that part of capital markets that deals with issuance of
new securities. Companies, government or Public sector institutions can obtain
funding through the sale of new stock or bond issue. This is typically done
through a syndicate of securities dealers .The process of selling new issues to the
investors is called Underwriting. In the case of new stock issue, this sale is called
an IPO (Initial public offering). Dealers earn a commission that is built into the
price of the security, though it can be found in the prospectus.

The market in which investors have the first opportunity to find a newly issued
security. After the first purchases, subsequent trading is said to occur in secondary
market. The primary market is where securities are created. It is in this market that
9
firms sell (float) new stock and bonds to the public for the first time. For our
purposes, you can think of a primary market as being synonymous with an IPO.
Simply put, an IPO occurs when a private company sells stocks to the public for
the first time.

METHODS OF FLOATING NEW ISSUES:

The various methods which are used in floatation of new securities in the new
issue market are
1)Public Issue / Offer through Prospectus
2) Offer for sale
3)Private Placement
4) Right Issues
5) Stock Exchange Pricing
6) Subscription by inside coteries

1) PUBLIC ISSUES: This is the most common method followed by joint stock
companies to raise capital through the issue of new securities. Under this
method, the issuing company directly offers to the general public or
institutions a fixed number of shares at a stated price through a document
called prospectus.
The purpose of raising the new capital is to finance some capital
expenditure, it is usual for companies to issue a prospectus inviting the public
to take up the new securities. Legally no public limited company can raise
capital from public without issuing prospectus.
2) OFFER FOR SALE: Under this method the company sells the shares
/securities to the issue house / brokers at an agreed price . The issue
house/brokers sell their shares / securities to the investors at a higher price.
The company is relieved from the problem of printing and
advertisement of prospectus and making allotment of shares . Offer for sale is
not common in India

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3) PRIVATE PLACEMENT: The promoters sell their shares to their friends ,
relatives and well wishers to obtain the minimum subscription which is a
precondition for issue of shares to the public.
Once this precondition for issue of shares is met , the issue
house/brokers buy the securities out right with the intention of placing them
with their clients afterwards.
The issue house/brokers maintain their own list of clients and through
customer contact sell the securities. The main disadvantage of this method is
that the securities are not widely distributed to the large section of investors.

4) RIGHT ISSUES: Rights issue is a method of raising funds in the market by

an existing company. A right means an option to buy certain securities at a
certain privileged price within a specified period.
Shares so offered to the existing shareholders are called Right shares.
Right shares are offered to the existing shareholders in a particular proportion
to their existing shareholders. The company should abide with section 81 of
the companies act.
If the shareholders fail to take the Right shares within a specified
period, the balance is to be equally distributed among applicants for additional
shares. Any balance still left over may be disposed off in the market.

5) STOCK EXCHANGE PLACING: this method has been discontinued in

India due to strict regulations and statutory rules for listing of securities.
According to it, “A company used to place its shares privately with the aid of
brokers, and then secured permission for dealing on stock exchange”. This
method involved little cost but often led to concentration of new shares in few
hands.
6) SUBSCRITION BY INSIDE COTERIES: when a company goes to the new
issue market a certain percentage of the capital is kept in reserve for
subscription by inside coteries.

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SEBI GUIDELINES FOR NEW ISSUE MARKET:

The SEBI guidelines for different category of companies are as follows

A) NEW COMPANY: A new company is a company which has not completed
twelve months of production and where the promoters do not have a track
record. These companies have to issue shares only at par.
B) PRIVATE AND CLOSELY HELD COMPANIES: These companies
having a track record of consistent profitability for last three years, are
permitted to price their issues freely.
C) EXISTING LISTED COMPANIES: The existing limited companies will be
allowed to raise fresh capital by freely pricing its shares provided the
promoters contribution is 50% on first 180 cores of issue.
D) DIFFERENTIAL PRICING: Issue to the public can be priced differentially
as compared to issue to right shareholders justification for the price difference
should be mentioned in the offer document.
E) LOCK IN PERIOD: Lock in period is five years for promoters contribution
from the date of allotment or from commencement of commercial production
whichever is later.

F) GUIDELINES FOR PUBLIC ISSUE:

 Every application should be accompanied with an abridged prospectus.
 The risk factors should be highlighted in the abridged prospectus.
 Company’s management, Past history and present business of the firm
should be highlighted in the prospectus.
 Justification for premium should be stated
 The public issues should be kept open for a minimum of three days and
a maximum of ten working days.
 The quantum of issue should not exceed the amount specified in the
prospectus
 Compliance report in the prescribed form should be submitted to SEBI
within forty five days from the date of closure of issue.

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  The allotment of shares has to be made in multiples of tradable lots if
the minimum of subscription of ninety percent has not been received
the entire amount is to be refunded to the investors within 140 days.
 Underwriting has been made mandatory
 The gap between the closure date of various issues i.e. rights and
public should not exceed thirty days.

RECENT TRENDS AND DEVELOPMENTS IN NEW ISSUE

MARKET:
The recent economical changes i.e. privatization, liberalization, foreign private
participation, disinvestment in public sector have given a new direction to the capital
market.
The number of issues made and the amount of capital raised from the market has
been phenomenal in the last decade. The public sector organizations like financial
institutions, public sector undertaking have started dominating the primary market. In
1996-97, all public financial institutions including IDBI, IFCI, ICICI and many public
sector backs have mobilized resources through public issue route. There is a major
decline in the equity at premium issues over the years.
CAPITAL MOBILISED THROUGH DEBT: the late 90’s have witnessed the bent
of capital market for the issue of debt as that period is characterized with high interest
rates and negative returns from the secondary market.
MUTUAL FUNDS: New mutual funds were set up during the last decade. Many
investors are turning towards mutual funds to take the advantage of expertise in
investments and lowering of investment risk.
SEBI has dispensed with the requirement of a minimum promoters contribution
and lock in for listed companies with a three year dividend track record in the past
five years
The lock in period for employees in their stock option schemes was withdrawn
but lock in will still apply to any preferential allotment made to promoters. The
pricing of such issues would be based on market prices.
The market reforms include the introduction of electronic trading with the
setting up of OCTEI and NSE.th process of Book building was encouraged and IPO
through Book building has picked up.

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 Credit rating was made mandatory for some issues. This step has built the
customer confidence in the market. Qualitative changes included the introduction of
new innovative financial instruments. Certain innovative financial instruments were
designed to suit the investors requirement. With the globalization of business, foreign
markets have welcomed Indian companies. The Indian companies have issued GDR
(global depository receipts) and ADR (American depository receipts) , foreign
currency bomds , euro currency bonds etc.

TO SUGGEST GUIDELINES TO INVESTORS:

1. The investor should purchase the shares after a detailed study about the
company. (That includes fundamental analysis, economical analysis and
technical analysis.)

2. Liquidity and intrinsic value of the scrip should be high.

3. The investor should have a clear idea about the financial position, than
determine an appropriate allocation mix of the assets, which maximizes the
returns.

4. An easy solution to investor is to invest in to mutual fund schemes through a

systematic investment plan (sip) the mutual fund gives you a well diversified,
professionally managed portfolio at low cost

5. Investor need to develop a long term investment mindset rather than short term
investment to get more returns or for achieving financial goals

6. Investors emotions and judgment plays a dynamic role in investment process.

The investor should control his emotion and impatience and he should take
strong decision

7. A good investor should diversifies and reduces his risk by investing in

different securities which contained different risks and returns in order to
achieve his goals

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8. The investor should understand the market psychology apart from
fundamental analysis. Because these psychological factors have a greater
impact on market.

9. The investor must to review and revise the portfolio periodically. Based on
circumstances he should change the production of the stock

10. Investor need to aware of new information, which reflects wider changes in
share prices.

11. The investor can get certain tax benefit from investing in stock markets

a) Investment on government fixed deposits

b) Dividend on certain shares

c) UTI units

14. If investor wants to manage their investment aggressively, you have to

monitor important developments affecting the economy, various industrial
sectors, and individual companies.

Investor has to develop sound standards for selecting growth stocks and hold
growth stocks as long as they remain growth stocks

14. For purchasing stock of any company the investor to analyze the potentiality
or worthiness of the product, profitability, treatment of HR, innovative ideas
of the company, integrity

16. Avoid certain kinds of shares for ex; shares of unlisted companies

18. Participate in different schemes of mutual funds and high liquidity stocks.

Investors more crazy about the new issues because:

i. The issues are often offered at par and they feel they are getting
shares at “reasonable price”

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 ii. If the company does well their capital appreciation and premium
will be more

iii. But before selecting a company the investor should think about that
company in a following way

iv. What is track record of the company

v. Is there adequate assurance of the availability of inputs

vi. How strong they are developing the market for product

vii. What are the competitions etc… need to analyze.

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 CHAPTER – 3

INDUSTRY PROFILE AND COMPANY PROFILE

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 COMPANY PROFILE
ICICI Bank is India's largest private sector bank with total assets of Rs. 5,946.42
billion (US$ 99 billion) at March 31, 2015 and profit after tax Rs. 98.10 billion (US$
1,637 million) for the year ended March 31, 2015.ICICI Bank currently has a network
of 3,839 Branches and 11,943 ATM's across India.

History
1955
The Industrial Credit and Investment Corporation of India Limited (ICICI)
incorporated at the initiative of the World Bank, the Government of India and
representatives of Indian industry, with the objective of creating a development
financial institution for providing medium-term and long-term project financing to
Indian businesses. Mr.A.RamaswamiMudaliar elected as the first Chairman of ICICI
Limited.
ICICI emerges as the major source of foreign currency loans to Indian industry.
Besides funding from the World Bank and other multi-lateral agencies, ICICI was
also among the first Indian companies to raise funds from international markets.

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial
institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank
was reduced to 46% through a public offering of shares in India in fiscal 1998, an
equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's
acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001,
and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal
2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government
of India and representatives of Indian industry. The principal objective was to create a
development financial institution for providing medium-term and long-term project
financing to Indian businesses.
 
In the 1990s, ICICI transformed its business from a development financial institution
offering only project finance to a diversified financial services group offering a wide
variety of products and services, both directly and through a number of subsidiaries

18
and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and
the first bank or financial institution from non-Japan Asia to be listed on the NYSE.
 
After consideration of various corporate structuring alternatives in the context of the
emerging competitive scenario in the Indian banking industry, and the move towards
universal banking, the managements of ICICI and ICICI Bank formed the view that
the merger of ICICI with ICICI Bank would be the optimal strategic alternative for
both entities, and would create the optimal legal structure for the ICICI group's
universal banking strategy. The merger would enhance value for ICICI shareholders
through the merged entity's access to low-cost deposits, greater opportunities for
earning fee-based income and the ability to participate in the payments system and
provide transaction-banking services. The merger would enhance value for ICICI
Bank shareholders through a large capital base and scale of operations, seamless
access to ICICI's strong corporate relationships built up over five decades, entry into
new business segments, higher market share in various business segments,
particularly fee-based services, and access to the vast talent pool of ICICI and its
subsidiaries.
 In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the
merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI
Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI
Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January
2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High
Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.
Consequent to the merger, the ICICI group's financing and banking operations, both
wholesale and retail, have been integrated in a single entity.

19
 ICICI Group Companies
 Ms. ChandaKochhar received an honorary Doctor of Laws from Carleton University,
Canada. The university conferred this award on Ms. Kochhar in recognition of her
pioneering work in the financial sector, effective leadership in a time of economic
crisis and support for engaged business practices.

 MsChandaKochhar featured in The Telegraph (UK) list of '11 most important

women in finance'.
 ICICI Bank has been recognised as one of the 'Top Companies for Leaders' in
India in a study conducted by Aon Hewitt.
 IDRBT has given awards to ICICI Bank in the categories of 'Social Media and
Mobile Banking' and' Business Intelligence Initiatives'.
 ICICI Bank won the award for the Best Bank - Global Business Development
(Private Sector) in the Dun & Bradstreet - Polaris Financial Technology Banking
Awards 2015.
 ICICI Bank was awarded the Certificate of Recognition as one of the Top 5
Companies in Corporate Governance in the 14th ICSI (The Institute of Company
Secretaries of India) National Awards for Corporate Governance.
 ICICI Bank has been honoured as The Best Service Provider - Risk
Management, India at The Asset Triple A Transaction Banking, Treasury, Trade and
Risk Management Awards 2015.
 MrRakeshJha has been ranked as the Best CFO in India at the 14th Annual
Finance Asia's Best Managed Companies Poll.
 ICICI Bank has won The Corporate Treasurer Awards 2013 in the categories
of 'Best Cash Management Bank in India' & 'Best Trade Finance Bank in India'.
 ICICI Bank has been awarded the 'Best Retail Bank in India', 'Best
Microfinance Business' and Best Retail Banking Branch Innovation' under the
'Excellence in Retail Financial Services awards 2015' by The Asian Banker.
 MsChandaKochhar, MD & CEO, ICICI Bank, has been named among
Fortune's 50 most powerful women in business for the fourth consecutive year.
 Ms. ChandaKochhar, MD and CEO received the 'Mumbai Women Of The
Decade' award by ASSOCHAM.

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 ICICI Bank, India’s largest private sector bank, today announced the launch of
India’s only credit card with a unique transparent design and a distinctive look. The
‘ICICI Bank Coral American Express Credit Card’ is the latest addition to the Bank’s
exclusive ‘Gemstone Collection’ of credit cards.
 
Speaking at the launch, Mr. Rajiv Sabharwal, Executive Director, ICICI Bank
said, "At ICICI Bank, it is our constant endeavour to deliver innovative, powerful and
distinctive value propositions to our discerning customers. We are delighted to launch
the ‘ICICI Bank Coral American Express Credit Card’, the only card in the country
with a youthful, transparent design. Aimed at providing significant lifestyle benefits,
this card re-affirms our commitment to bring forth innovative services to our
customers. We are also introducing a host of exciting privileges including an
introductory extended credit period offer and bonus reward points on online
transactions. We believe this card will be yet another compelling addition to our
Gemstone collection of credit cards."
 
Ms. SiewChoo Ng, Senior Vice President, Head of Global Network Partnerships,
Asia, American Express International, Inc. said, "We are delighted to have further
strengthened our long and cherished relationship with ICICI Bank with the launch of
the new ICICI Bank Coral American Express Credit Card. Designed to appeal to
value seeking customers, the Card reinforces our consistent endeavor to provide
differentiated products and services to our customers. The Card offers a wide array of
exclusive privileges and features including additional PAYBACK points on online
spend and an innovative transparent design. At American Express, we always strive to
work closely with our partners to develop the most relevant and compelling products
for our valued card members."
 
Mr. Sanjay Rishi, President, South Asia, American Express, said, “This launch
marks a further strengthening of the relationship between ICICI Bank and American
Express. We already partner with ICICI Bank on customer loyalty programs,
insurance services, retail banking services as well as initiatives to expand card
accepting merchants. The launch of the ICICI Bank Coral American Express Card
combines the strengths and capabilities of both organizations to offer an exciting new
payment choice to customers.
21
  
The ICICI Bank Coral American Express® Credit Card offers a wide range of
attractive benefits to its card members:

 Extended Credit Period; a unique proposition offering card members ability to

carry over the retail purchase balances in first two billing statements by simply paying
the minimum amount due. No interest shall be charged in such cases and the total
amount due shall be payable as per the third billing statement. TnC apply, for
complete details please visit www.icicibank.com.
 4 PAYBACK points per Rs.100 spent on dining, groceries and at
supermarkets, 3 PAYBACK points per Rs.100 of online spends and 2 PAYBACK
points per Rs.100 on other spends
 Complimentary movie tickets with 'buy one get one free' offer
 n www.bookmyshow.com
 Complimentary visits to Altitude lounges at Mumbai and Delhi airports
 Minimum 15% discount on dining bills at leading restaurants across India with
the ICICI Bank ‘Culinary Treats’ programme
 No fuel surcharge on fuel transactions at HPCL fuel stations

OVERVIEW ICICI Group

ICICI Group offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through its
specialised group companies and subsidiaries in the areas of personal banking,
investment banking, life and general insurance, venture capital and asset management.
With a strong customer focus, the ICICI Group Companies have maintained and
enhanced their leadership positions in their respective sectors.

ICICI Bank is India's second-largest bank with total assets of Rs. 4,736.47 billion
(US$ 93 billion) at March 31, 2012 and profit after tax Rs. 64.65 billion (US$ 1,271
million) for the year ended March 31, 2012. The Bank has a network of 2,791
branches and 10,021 ATMs in India, and has a presence in 19 countries, including
India.

22
ICICI Prudential Life Insurance is a joint venture between ICICI Bank, a premier
financial powerhouse, and Prudentialplc, a leading international financial services
group headquartered in the United Kingdom. ICICI Prudential Life was amongst the
first private sector insurance companies to begin operations in December 2000 after
receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI
Prudential Life's capital stands at Rs. 47.91 billion (as of March 31, 2012) with ICICI
Bank and Prudential plc holding 74% and 26% stake respectively. For FY 2012, the
company garnered Rs.140.22 billion of total premiums and has underwritten over 13
million policies since inception. The company has assets held over Rs. 707.71 billion
as on March 31, 2012.

ICICI Lombard General Insurance Company, is a joint venture between ICICI Bank
Limited, India's second largest bank with consolidated total assets of over USD 91
billion at March 31, 2012 and Fairfax Financial Holdings Limited, a Canada based
USD 30 billion diversified financial services company engaged in general insurance,
reinsurance, insurance claims management and investment management. ICICI
Lombard GIC Ltd. is the largest private sector general insurance company in India
with a Gross Written Premium (GWP) of Rs. 5,358 crore for the year ended March
31, 2012. The company issued over 76 lakh policies and settled over 44 lakh claims
and has a claim disposal ratio of 99% (percentage of claims settled against claims
reported) as on March 31, 2012. 

ICICI Securities Ltd is the largest integrated securities firm covering the needs of
corporate and retail customers through investment banking, institutional broking,
retail broking and financial product distribution businesses. Among the many awards
that ICICI Securities has won, the noteworthy awards for 2012 were: Asiamoney
`Best Domestic Equity House for 2012; 'BSE IPF D&B Equity Broking Awards 2012'
under two categories:- Best Equity Broking House - Cash Segment and Largest E-
Broking House; the Chief Learning Officer Award from World HRD Congress for
Innovation in Learning category. IDG India's CIO magazine has recognized ICICI
Securities as a recipient of CIO 100 award in 2009, 2010, 2011 and 2012. I-Sec won
this awards 4 times in a row for which the CIO Hall of Fame award was additionally
conferred in 2012.

23
 CHAPTER-IV
DATA ANALYSES AND INTERPRETATION

24
IPO Issues in 2017-18

Equity Issue Price Current Price %Gain/Loss

  January-2018

Suyog Tele 25.00 25.18 0.60

RCI Industries 40.00 36.18 -9.63

  December-2017

Tentiwal Wire 14.00 13.50 -13.54

Captain Poly 30.00 38.00 26.67

  November-2017

Stellar Capital 20.00 18.95 -45.25

Mitcon Cons 61.00 45.45 -25.49

  October-2017

Amrapali Cap 180.00 180.00 0.00

VCU Data Mgmt 25.00 28.18 14.60

  August-2017

Silverpoint 18.00 7.40 -50.67

  June-2017

Edynamics Sol 25.00 57.30 149.20

Just Dial 530.00 1875.00 197.18

Onesource Tech 16.00 7.85 -43.93

  April-2017

Repco Home 182.00 326.20 89.65

  March-2017

Bothra Metals 25.00 26.25 5.00

HPC Bio 35.00 186.00 374.29

25
Channel Nine 25.00 188.50 334.00

Kavita Fabrics 40.00 188.50 181.25

Sunstar Realty 20.00 148.25 541.25

  February-2017

Esteem Bio 25.00 184.00 636.00

2000 1875

1500

1000
Issue Price
Current Price
500 326.2
180 188.5
186188.5 184 %Gain/Loss
148.25
36.1813.5
25.18 45.45 28.187.4 57.37.85 26.25
3818.95
0
8 es re 7 s p 7 7 al 7 7 io cs 7
2 01 stri Wi 201 Con li Ca 201 201 t Di 201 201 C B bri 201
y- u al r- n a t- e- us il- h- P Fa y-
ar I Ind tiw be itco rap gus Jun J Apr arc H ita uar
-500
u   v r
an C en em M Am   Au        M Ka Feb
  J R T Nov   
  

INTERPRETATION:

The above table projects the difference between LTP and Issue price of different
companies in the current year and the positions in the company’s are dependent on the
market value only.
Based on LTP and Issue price differences we can conclude that
the investor who invested in Amrapali cap and Just dial got highest benefit
respectively.

IPO Issues in 2016-2017

Equity Issue Price Current Price %Gain/Loss  
  January-2017

26
Eco Friendly 25.00 25.60 2.40  
  December-2016
BhartiInfratel 220.00 216.90 -4.59  
PC Jeweller 145.00 161.90 5.13  
CARE 750.00 820.35 9.38  
Veto Switch 50.00 50.75 1.50  
Tara Jewels 230.00 214.00 -7.83  
  November-2016
Bronze Infra 18.00 16.65 -2.33  
  October-2016
RCL Retail 18.00 9.70 -3.00  
Anshus Clothing 27.00 31.50 18.67  
  September-2016
Comfort Comm 18.00 18.55 75.50  
ThejoEngg 402.00 18.55 -95.63  
SRG Housing Fin 20.00 21.25 6.25  
JointecaEdu 18.00 18.90 6.00  
  August-2016
Jupiter Infomed 20.00 24.50 22.50  
Sangam Advisors 22.00 23.95 8.86  
  July-2016
VKS Projects 55.00 189.18 243.82  
Max Alert Syste 20.00 94.95 374.75  
  May-2016
Monarch Health 40.00 162.50 256.25  
Speciality Rest 180.00 183.40 18.60  
Tribhovandas 140.00 226.25 88.54  
  April-2016
NBCC 186.00 188.18 49.20  
MT Educare 80.00 187.60 34.50  
  March-2016
Olympic Cards 30.00 60.60 182.00  
BCB Finance 25.00 25.00 0.00  
MCX India 1832.00 1443.25 30.18  
  November-2016
Indo Thai Secu 74.00 18.70 -85.54  
  October-2016
VaswaniInd 49.00 4.73 -90.35  
M and B Switch 186.00 25.95 -86.09  
Flexituff Inter 185.00 223.45 44.18  
TaksheelSolut 180.00 8.36 -94.43

27
 3500

3000

2500 1443.25

2000

1500 %Gain/Loss
820.35 Current Price
1000
Issue Price
500 18.55
161.9214
216.9 188.18
183.4
226.25
162.5 187.6
189.18
223.45
25.95
8.36
0 25.6 50.75
16.65 31.5
9.7 21.25
18.55 24.5
18.9 94.95
23.95 60.6
25 18.7
4.73
7 el h a g g 6 6 6 s e e u h
-500201 frat witc Infr thin Eng 201 201 201 nda ucar anc Sec witc
- - - - a n i
ary ti In to S nze s Clo hejo ust July ay hov T Ed B Fi Tha B S
r e o
nu ha V Br shu T  Au      Trib M BC do and
g   M
   Ja B   In M
An

INTERPRETATION:

From the above analysis table projects the difference between LTP and Issue price of
different companies in the current year and the positions in the companys are
dependent on the market value only.
Based on LTP and Issue price differences we can conclude that the investor who
invested in Decor andCapital got highest benefit respectively.

IPO Issues in2016

Equity Issue Price Current Price %Gain/Loss  
  November-2016
Indo Thai Secu 74.00 14.93 -82.53  
  October-2016
VaswaniInd 49.00 18.99 -77.57  
M and B Switch 186.00 68.30 -63.28  
TaksheelSolut 180.00 14.53 -90.98  
Flexituff Inter 185.00 249.70 61.18  
Onelife Capital 137.00 299.20 182.00  
TijariaPolypip 60.00 8.94 -85.18  
PrakashConstro 148.00 141.70 -4.57  
  September-2016
PG Electroplast 218.00 181.00 -18.57  
SRS 58.00 34.25 -40.95  
TD Power System 256.00 244.09 -4.67  
Brooks Labs 180.00 16.14 -85.92  
  August-2016

28
Tree House Edu 145.00 216.18 58.63  
L&T Finance 52.00 48.95 -5.87  
Inventure Grow 137.00 218.20 79.66  
  July-2016
Readymade Steel 188.00 63.75 -40.97  
Birla Pacific 18.00 7.01 -29.90  
Rushil Decor 72.00 181.09 143.68  
  June-2016
Timbor Home 63.00 28.70 -54.44  
VMS Industries 40.00 44.55 13.37  

299.2
300
249.7 244.09
250 218.2
216.18

200 181 181.09

141.7
150
Issue Price
100 68.3 63.75 Current Price
48.95 44.55
34.25 28.7 %Gain/Loss
50 14.93
18.99
14.53 8.94 16.14 7.01
0

-50

-100

INTERPRETATION:
From the above analysis table projects the difference between LTP and
Issue price of different companies in the current year and the positions in the
company’s are dependent on the market value only.
Based on LTP and Issue price differences we can conclude that the investor who
invested in Decor andCapital got highest benefit respectively.

29
 TABLE SHOWING SCRIPS OF FINANCIAL SERVICES
DIFFRE
ISSUE
DATE OF PRICE ISSUE BETWE
S.NO NAME OF THE ISSUE SIZE LTP
ISSUE RANGE PRICE ISSUE
(LAKHS)
&LTP
MotilalOswal Financial 20/14/18-
1 29.8271 725-825 825 971.20 +166.20
services Ltd 23/8/18
ICRA Ltd 20/03/18-
2 25.813 275-330 330 1830 +700
23/03/18
Power finance 31/01/18-
3 1373.187 73-85 85 200.90 +137.90
Corporation Ltd 13/02/18
Transwarranty Finance 23/01/18-
4 60 48-55 52 29.18 -22.85
Ltd 02/02/18
Emkayshare&stock 31/03/171
5 62.50 180-140 140 160.18 +20.18
brokers Ltd 4/10/16
Mahindra&Mahindra 21/02/17
6 200 180-200 200 233.95 +33.95
Financial services Ltd 24/02/17
Infrastructure
18/14/16
7 development Financial 4036 29-34 34 160.18 +186.18
22/14/16
co. Ltd
IL&FS Investment Ltd 4/14/17
8 135 137-145 145 194.18 +69.18
14/14/16
India Infoline Ltd 21/10/16
9 138.78148 70-80 76 849.50 +773.50
27/10/14
Indian Bulls Financial 13/18/14-
18 271.87519 18-19 19 593.18 +574.18
Services Ltd 18/16/14

30
 2000
1830

1500

971.2
1000 849.5 ISSUE PRICE
LTP
593.18 DIFFRENCE BETWEEN ISSUE
500 PRICE &LTP
233.95
200.9160.18 160.18194.18
29.18
0

-500

INTERPRETATION:

From the above analysis table reveals that the difference between LTP and Issue Price
of MotilalOswal Financial services Ltd , ICRA Ltd, Power finance Corporation Ltd ,
Tran warranty Finance Ltd , Emkay share & stock brokers Ltd , Mahindra &
Mahindra Financial services Ltd , .Infrastructure development Financial co. Ltd ,
IL&FS Investment Ltd , India Infoline Ltd , Indian Bulls Financial Services Ltd is
(+)166.20, (+)700 , (+) 137.90 , (-)22.85 , (+)20.18 , (+)33.95 , (+)186.18 ,
(+)69.18 , (+)773.50 , (+)574.18 respectively.
Based on LTP & Issue price differences we can conclude
that the investor who invested in India infoline Ltd and ICRA Ltd got highest gain of
Rs.773.50 and Rs.700 respectively.
It can be concluded that the all the above scrip’s are under priced
except Tran warranty Finance Ltd, which is overpriced.

31
TABLE SHOWING SCRIPS OF ELECTRONICS & ELECTRICAL

DIFFER
ENCE
ISSUE PRICE
NAME OF DATE ISSUE BETWEE
S.NO SIZE RANG LTP
ISSUE OF ISSUE PRICE N ISSUE
(LAKHS) E
PRICE &
LTP
MIC
30/10/18-
1 Electronics 51 149-180 180 525.09 +375.09
14/09/18
Ltd
Redington 22/01/18-
2 142.31 95-134 134 320 +214
(Indian) Ltd 25/01/18
Autoline 14/01/18-
3 37.5 200-225 225 216.95 -18.09
Industries Ltd 14/01/18
FIEM 21/16/1627
4 41 145-165 147 182.95 -34.09
Industries Ltd /16/14
Voltamp
24/14/1629
5 Transformers 48.8384 295-345 345 1442.25 +997.25
/14/14
Ltd
Opto
31/03/1609
6 circuits(India) 40 240-270 270 532 +262
/10/14
Ltd

32
 CHART SHOWING ISSUE PRICE & LTP

1500

1000

500

0
MIC RL AIL FIEM VTL OCL
issue price LTP

INTERPRETATION:

From the above analysis table shows that the difference between LTP and Issue Price
of MIC electronics Ltd , Redington (India) Ltd , Autoline industries Ltd , FIEM
industries Ltd , Voltamp Transformers Ltd , Opto circuits (India) Ltd is (+) 375.09 ,
(+)214 , (-)18.09 ,
(-) 34.09, (+) 997.25, (+) 262 respectively.
Based on LTP and Issue Price differences we can conclude that the
investor who invested in Voltamp Transformers Ltd, MIC Electronics Ltd, Opto
Circuits (India) Ltd, Redington (India) Ltd got benefits of Rs.997.25, Rs.375.09,
Rs.262, and Rs.214 respectively.

33
 It can be interpreted that the conclusion all the above scrip’s are under
priced except Autoline industries Ltd and FIEM industries Ltd , which are over
priced.

TABLE SHOWING SCRIPS OF INFRASTRUCTURE

DIFFRENC
E
ISSUE PRICE ISSUE
S.N NAME OF DATE OF THE BETWEEN
SIZE RANG PRIC LTP
O THE ISSUE ISSUE ISSUE
(LAKHS) E E
PRICE &
LTP
IVR Prime
23/14/18-
1 Urban 161.5 518-600 550 414.95 -162.09
26/14/18
developers Ltd
DLF Ltd 13/13/18-
2 29 180-185 185 757.45 +582.45
16/13/18
LancoInfratec 13/13/1618/13/1 444.7238
3 200-240 240 363 +143
h Ltd 4 1
4 Atlanta Ltd 1/16/1614/18/8 43 140-180 180 285.90 +145.90
GMR
31/14/1610/14/1
5 Infrastructure 381.3698 218-250 218 814.65 +597.65
4
Ltd.
Patel
03/09/1616/09/1 186.2496
6 Engineering 400-440 440 470.18 +30.18
4 5
Ltd
7 AIA 18/13/14- 47 275-318 318 1496.5 +1881.50
Engineering 22/13/14 0

34
 Ltd
IVRCL
18/03/14-
8 Infrastructure 31.89870 385-418 395 418.40 +20.40
23/03/14
& Projects Ltd

CHART SHOWING ISSUE PRICE & LTP

1500
1000
500
0
R

A
AL

L
R

RC
DL

LI

PE
M

AI
IV

IV
ISSUE PRICE LTP

INTERPRETATION:

From the above analysis table reveals that the difference between LTP and Issue Price
of in case of DLF Ltd , LancoInfratech Ltd , Atlanta Ltd , GMR Infrastructure Ltd ,
Patel Engineering Ltd , AIA engineering Ltd , IVRCL Infrastructure and projects Ltd
is (+)582.45 , (+)143 , (+)145.90 , (+)597.65 , (+)30.18 , (+)1881.50 , (+)20.40 and
IVR Prime Urban developers Ltd is (-)162.09.
Based on LTP and Issue price differences we can concluded that the
investor who invested in IVR Prime Urban Developers Ltd got loss of Rs.(-)162.09
and other (who invested in other scrip’s) investor got benefit.
At the end it can be concluded that the scrip IVR Prime Urban
Developers ltd has been over priced and the others DLF Ltd, LancoInfratech Ltd,
Atlanta Ltd, GMR Infrastructure Ltd, Patel Engineering Ltd, AIA engineering Ltd,
IVRCL Infrastructure and projects Ltd have been under priced.

35
 TABLE SHOWING SCRIPS OF TOYS AND TEXTILES

DIFFERENC
NAME ISSUE PRICE ISSUE
S.N DATE OF E BETWEEN
OF THE SIZE RANG PRIC LTP
O ISSUE ISSUE PRICE
ISSUE (LAKHS) E E
& LTP
Gangothri 18/09/1623/09/1 144.1663
1 41-46 41 21.09 - 19.95
textiles ltd 4 4
Mudra
14/02/18-
2 Lifestyle 95.8 75-90 90 66.40 - 23.60
16/02/18
ltd
Indus Fila 14/02/18- 218.3
3 48.43789 180-185 180 + 46.30
Ltd 16/02/18 0
Kewalkira
20/03/1623/03/1
4 n clothing 31 250-275 260 300 + 40
4
Ltd
Raj Royan 14/01/1618/01/1
5 85 55-65 65 23.80 - 41.20
Ltd 4
Nitin
13/01/1614/01/1 222.2222
6 Spinners 18-21 21 14.50 - 7.50
4 2
Ltd
Ginni
19/14/14- 252.6318
7 Filaments 19-22 22 14.90 - 8.18
23/14/14 8
Ltd
Celebrity
19/14/14-
8 Fashions 45.50 180-180 180 67.40 - 134.60
22/14/14
Ltd
Bombay
Rayon 13/13/14-
9 144.75 60-70 70 248 + 188
Fashion 18/13/14
Ltd

36
 Provogue 18/13/14- + 736
18 40.49402 140-180 180 886
(India) Ltd 18/13/14

CHART SHOWING ISSUE PRICE & LTP

900
800
700
600
500
400
300
200
100
0
T L IF C R S F E R P
G M K R N G C B
K

ISSUE PRICE LTP

INTERPRETATION:

From the above analysis the difference between LTP and Issue price of Gangothri
textiles ltd , Mudra Lifestyle ltd , Indus Fila Ltd , Kewalkiran clothing Ltd , Raj
Royan Ltd , Nitin Spinners Ltd , Ginni Filaments Ltd , Celebrity Fashions Ltd ,
Bombay Rayon Fashion Ltd , Provogue (India) Ltd is (-)19.95 , (-)23.60 , (+)46.30 ,
(+)40 , (-)41.20 , (-)7.50 , (-)8.18 , (-)134.60 , (+)188 , (+)736 respectively.
Based on LTP and Issue Price differences we can concluded that the
investor who invested in Indus Fila Ltd , Kewalkiran clothing Ltd , Bombay Rayon
Fashion Ltd and Provogue (India) Ltd got benefit of Rs.46.30 , Rs.40 , Rs.188 and
Rs.736 respectively.
It can be concluded that the all the above scrip’s are overpriced except

37
Indus Fila Ltd , Kewalkiran clothing Ltd , Bombay Rayon Fashion Ltd and Provogue
(India) Ltd which is under priced.

TABLE SHOWING SCRIPS OF AVIATION INDUSTRY

NAME ISSUE DIFFERENC

PRICE ISSUE
S.N OF DATE OF SIZE E BETWEEN
RANG PRIC LTP
O THE ISSUE (LAKHS ISSUE PRICE
E E
ISSUE ) & LTP
Global
Vectra 29/16/1613/18/1
1 35 185-200 185 188 +3
Helicop 4
Ltd
Deccan
18/09/1626/09/1 163.7
2 Aviatio 245.46 166-185 168 - 4.30
4 0
n ltd
Jet
Airway
18/02/14- 182.6680 950- 914.6
3 s 1370 - 187.40
24/02/14 1 1345 0
(India)
Ltd

38
 CHART SHOWING ISSUE PRICE & LTP

1200

1000

800

600

400

200

0
GLOBAL DECCAN JET

ISSUE PRICE LTP

INTERPRETATION:
From the above analysis shows the difference between the Issue price and Last
Traded Price in case of global vector helicop ltd is (+)3 and that of Deccan aviation
Ltd and Jet Airways Ltd is (-)4.30 and (-)187.40 respectively.
Based on LTP and Issue price differences we can conclude that
the investors who invested in Global vector Helicop Ltd of Rs.3 and the investor of
Deccan Aviation Ltd and Jet Airways Ltd got a loss of Rs.4.30 and 187.40
respectively.
At the end it can be concluded that the scrip Global Vector
Helicop Ltd has been under priced and the others Deccan and Jet Airways Ltd have
been over priced.

39
 TABLE SHOWING SCRIPS OFPETROLEUM INDUSTRY

DIFFERENCE
ISSUE
S.N NAME OF DATE OF PRICE ISSUE BETWEEN
SIZE LTP
O THE ISSUE ISSUE RANGE PRICE ISSUE PRICE
(LAKHS)
& LTP
Cairn India 13/14/1618/14/1 183.3
1 3287.99675 180-190 180 + 14.35
Ltd 4 5
Reliance 14/10/1620/10/1 144.4
2 4500 57-62 60 + 74.45
petroleum Ltd 4 5
Gujarat state 24/01/1628/01/1
3 1480 23-27 27 60.85 + 33.85
Petronet Ltd 4
Oil & Natural
Gas 09/03/13- 914.5
4 1625.93300 680-750 750 + 182.55
Corporation 14/03/13 5
Ltd
Gas Authority 27/02/13- 348.9
5 845.6518 195 195 + 183.95
of India Ltd 09/03/13 5
Indian
Petrochemicals 20/02/13- 429.0
6 718.5013 180 180 + 259.09
Corporation 27/02/13 9
Ltd
IndraPrastha 28/13/09- 140.1
7 400 40-48 48 + 72.18
Gas Ltd 09/14/09 8

40
 CHART SHOWING ISSUE PRICE & LTP

1000
800
600
400
200
0
CIL RPL GSPL ONGC GAIL IPCL IPGL

IP LTP

INTERPRETATION:
from the above analysis the difference between LTP and issue price of Cairn India Ltd
, Reliance petroleum Ltd , Gujarat state Petronet Ltd , Oil & Natural Gas Corporation
Ltd , Gas Authority of India Ltd , Indian Petrochemicals Corporation Ltd ,
IndraPrastha Gas Ltd is (+)14.35 , (+)74.45 , (+)33.85 , (+)182.55 , (+)183.95 ,
(+)259.09 , (+)72.18 respectively.
Based on LTP and Issue price differences we can say that the
investor who invested in Indian Petrochemicals Corporation Ltd and Oil & Natural
Gas Corporation Ltd got highest benefit of Rs.259.09 and Rs.182.55 respectively.
It can be concluded that the all the above scrip’s are under
priced.

41
 TABLE SHOWING SCRIPS OF IT SERVICES /
TECHNOLOGIES

DIFFERENCE
NAME OF ISSUE PRICE
S.N DATE OF ISSUE BETWEEN
THE SIZE RANG LTP
O ISSUE PRICE ISSUE PRICE
ISSUE (LAKHS) E
& LTP
Everonn
09/14/18-
1 Systems 5000 145-160 160 752.50 + 614.50
13/14/18
India Ltd
Take
01/14/18- 1843.2
2 Solutions 21 675-730 730 + 314.20
14/14/18 0
Ltd
HOV
10/18/1614/18/1
3 Services 40.50 200-240 200 183.20 - 18.80
4
Ltd
Tech
01/14/1610/14/1 1418.5
4 mahindra 147.46 318-365 365 + 952.50
4 0
Ltd
Tulip IT
16/14/14-
5 Services 90 180-140 140 880 + 760
18/14/14
Ltd
Info Edge 30/18/1602/13/1 1376.0
6 53.23851 290-320 320 + 786.09
(India) Ltd 4 9
Tata
Consultancy 29/14/13-
7 554.526 775-900 850 1801 + 181
Services 09/14/13
Ltd
Datamatic 14/10/13-
8 183 181-137 137 44.50 - 65.50
Tech Ltd 19/10/13
CMC Ltd 23/02/13-
9 39.76374 485 485 1818 + 525
28/02/13
Icici bank 19/14/14-
18 40 137-145 145 3018 + 2890
ltd 22/14/14
I-Flex
09/13/10-
13 Solutions 39.618 530 530 1865 + 1435
13/13/10
Ltd

42
 CHART SHOWING ISSUE PRICE & LTP

3500
3000
2500
2000
1500
1000
500
0
ESIL TSL HOV TM TIT IE TCS DT CMC ESL I-FS

IP LTP

INTERPRETATION:

From the above analysis table reveals that the difference between LTP and issue

price in case of Everonn Systems India Ltd , Take Solutions Ltd , Tech mahindra
Ltd , Tulip IT Services Ltd , Info Edge (India) Ltd , Tata Consultancy Services Ltd ,

43
 CMC Ltd , Icici bank ltd , I-Flex Solutions is (+)614.50, (+)314.20 , (+)952.50 ,
(+)760 , (+)786.09 , (+)181 , (+)525 , (+)2890 , (+)1435 and HOV Services Ltd ,
Datamatic Tech Ltd is (-) 18.80 , (-)65.50 respectively.
Based on LTP and Issue price differences we can conclude that the
investor who invested in Icici bank ltd, I-Flex Solutions and Tech mahindra Ltd got
more gain of Rs.2890, Rs.1435 and Rs.952.50 and the investor of HOV Services Ltd,
Datamatic Tech Ltd got loss of Rs.18.80, Rs.65.50 respectively.
At the end it can be concluded that the above all scrip’s are under priced
except HOV Services Ltd , Datamatic Tech Ltd which is overpriced.
TABLE SHOWING SCRIPS OF POWER / ENERGY INDUSTRY
DIFFERENCE
ISSUE PRICE ISSUE
S.N NAME OF DATE OF BETWEEN
SIZE RANG PRIC LTP
O THE ISSUE ISSUE ISSUE PRICE
(LAKHS) E E
& LTP
Indowind 21/14/18- 140.2
1 145 55-65 65 + 65.25
Energy Ltd 24/14/18 5
Godawari
226.5
2 Power 28/03/1610/10/14 86.95 70-81 81 + 165.50
0
&Ispat Ltd
Gujarat
Industries 14/18/14-
3 318.4597 63-75 68 79.70 + 13.70
Power co. 19/18/14
Ltd
Suzlon 23/16/14-
4 293.40 425-518 518 1665 + 955
Energy Ltd 29/16/14
National
Thermal
14/18/13- 191.6
5 Power 8658.30 52-62 62 + 149.60
16/18/13 0
Corporation
Ltd
GVK Power
& 584.0
6 02/02/1614/02/14 82.75556 260-318 318 + 274.09
Infrastructur 9
e Ltd
JaiPrakash
22/03/14-
7 Hydro-power 1800 27-32 32 53.80 + 21.80
29/03/14
Ltd
8 Power 01/03/13-14/3/13 584.9999 1718 18 85.18 + 69.18
Trading
Corporation

44
 of India Ltd
Petronet 01/03/13-
9 2616.799 1618 18 68.55 + 53.55
LNG Ltd 16/03/13

CHART SHOWING ISSUE PRICE & LTP

1500

1000

500

0
JP

L
L

IL
C

VK
IE

SE
IP
PI

PL
TP

C
G
G

PT
N

IP LTP

INTERPRETATION:
from the above analysis table the difference between LTP and issue price of Indowind
Energy Ltd , Godawari Power &Ispat Ltd , Gujarat Industries Power co.Ltd , Suzlon
Energy Ltd , National Thermal Power Corporation Ltd , GVK Power & Infrastructure
Ltd , Jai Prakash Hydro-power Ltd , Power Trading Corporation of India Ltd ,
Petronet LNG Ltd is (+)65.25 , (+)165.50 , (+)13.70 , (+)955 , (+)149.60 , (+)274.09 ,
(+)21.80 , (+)69.18 , (+)53.55 respectively.
Based on LTP and Issue price differences we can concluded that the
investor who invested in Suzlon Energy Ltd and GVK Power & Infrastructure Ltd got
highest benefit of Rs.955 and Rs.274.09 respectively.
It can be interpreted the conclusion all the above scrip’s are under
priced.

45
TABLE SHOWING SCRIPS OF MEDIA & ENTERTAINMENT /
BROADCAST /FILM INDUSTRY

DIFFEREN
PRICE
S.N NAME OF DATE OF ISSUE SIZE ISSUE BETWEEN
RANG LTP
O THE ISSUE ISSUE (LAKHS) PRICE ISSUE PR
E
& LTP
Raj Television 16/02/18- 222.2
1 35.6825 221-257 257 - 34.75
Network Ltd 23/02/18 5
Broadcast 16/02/18-
2 85.5 180-140 140 57.60 - 62.40
Initiatives Ltd 16/02/18
Global
18/01/18-
3 Broadcast 185 crore 230-250 250 914 + 662
18/01/18
News Ltd
Prime Focus 25/09/1603/1
4 180 crore 418-500 418 1840 + 623
Ltd 3/14
Sun TV Ltd 03/10/16
5 68.89 730-875 875 347 - 528
14/10/14
PVR Ltd 14/14/14- 216.3
6 74 200-240 225 - 18.70
16/14/14 0
UTV Software
21/02/14- 595.0
7 communication 69.99950 137-140 140 + 465.09
25/02/14 9
Ltd
TV Today 18/14/09-
8 165 80-95 95 181 + 56
Network Ltd 27/14/09

46
 CHART SHOWING ISSUE PRICE & LTP

1200
1000
800
600
400
200
0
J L L L V
RA BI N PF UN VR
UT TV
B S P
G

IP LTP

INTERPRETATION:
The above table reveals that the difference between LTP and Issue price
of Raj Television Network Ltd , Broadcast Initiatives Ltd , Global Broadcast News
Ltd , Prime Focus Ltd , Sun TV Ltd , PVR Ltd , UTV Software communication Ltd ,
TV Today Network Ltd is (-)34.75 , (-)62.40 , (+)662 , (+)623 , (-)528 , (-)18.70 ,
(+)465.09 , (+)56 respectively.
Based on LTP and Issue price differences we can conclude that
the investor who invested in Global Broadcast News Ltd , Prime Focus Ltd , UTV
Software communication Ltd , TV Today Network Ltd got benefit of Rs.662 ,
Rs.623 , Rs.465.09 , Rs.56 and the investor of Raj Television Network Ltd ,
Broadcast Initiatives Ltd , Sun TV Ltd and PVR Ltd got a loss of Rs.34.75 ,
Rs.62.40 , Rs.528 and Rs.18.70 respectively.
At the end it can be concluded that the scrip’s Global Broadcast
News Ltd , Prime Focus Ltd , UTV Software communication Ltd , TV Today
Network Ltd have been under priced and the other scrip’s Raj Television Network
Ltd , Broadcast Initiatives Ltd , Sun TV Ltd and PVR Ltd have been over priced

47
 TABLE SHOWING SCRIPS OF MANUFACTURING INDUSTRY

ISSUE DIFFERENC
PRICE ISSUE
S.N NAME OF DATE OF SIZE E BETWEEN
RANG PRIC LTP
O THE ISSUE ISSUE (LAKHS ISSUE PRICE
E E
) & LTP
Bharat
27/13/14- 1820- 1446.2
1 Earthmovers 49 1875 + 181.20
03/14/14 1890 0
Ltd
Decolight 24/09/14-
2 4254.60 45-54 54 28.45 - 25.55
ceramics Ltd 29/09/14
Nissan 10/14/13-
3 2500 33-39 39 33.18 - 5.85
Copper Ltd 14/14/13
NITCO Tiles 22/02/13-
4 180 160-188 188 241.50 + 73.50
Ltd 27/02/13
Gitanjali 18/02/1621/02/1
5 180 180-195 195 295.50 + 180.50
Gems Ltd 4
Triveni
Engineering 18/13/14-
6 500 42-50 48 146.55 + 88.55
& Industries 25/13/14
Ltd
Shree Renuka 14/18/14-
7 40 250-300 285 700.50 + 418.50
Sugars Ltd 16/18/14
Emami Ltd 10/03/14-
8 50 60-70 70 222.30 + 182.30
18/03/14
Bharathi 02/14/13-
9 145 55-66 66 558.55 + 492.55
Shipyard Ltd 14/14/13
MaruthiUdyo 14/13/09-
18 794.676 137 145 920.25 + 795.25
g Ltd 19/13/09

48
 CHART SHOWING ISSUE PRICE & LTP

1500

1000

500

0
EL C
L
C
L
N
TL G
L
EIL SL EL SL U
L
B D N G T SR B M

IP LTP

INTERPRETATION:
from the above analysis table the difference between LTP and Issue price of Bharat
Earthmovers Ltd , Decolight ceramics Ltd , Nissan Copper Ltd , NITCO Tiles Ltd ,
Gitanjali Gems Ltd , Triveni Engineering & Industries Ltd , Shree Renuka Sugars
Ltd , Emami Ltd , Bharathi Shipyard Ltd , MaruthiUdyog Ltd is (+)181.20 , (-)25.55 ,
(-)5.85 , (+)73.50 , (+)180.50 , (+)88.55 , (+)418.50 , (+)182.30 , (+)492.55 ,
(+)795.25 respectively.
Based on LTP and Issue price differences we can conclude that
the investor who invested in MaruthiUdyog Ltd, Bharathi Shipyard Ltd, and Shree
Renuka Sugars Ltd got highest gain of Rs.795.25, Rs.492.55 and Rs.418.50
respectively.
It can be interpreted the conclusion all the above scrip’s are
under priced except Deco light ceramics Ltd and Nissan Copper Ltd which is
overpriced.

49
 TABLE SHOWING SCRIPS OF PHARMA / CHEMICAL
/HEALTH / BIO-PHARMA INDUSTRY

DIFFERENCE
ISSUE PRICE
S.N NAME OF DATE OF ISSUE BETWEEN
SIZE RANG LTP
O THE ISSUE ISSUE PRICE ISSUE PRICE
(LAKHS) E
& LTP
Advanta India 26/03/18-
1 33.8 600-650 640 1836 + 396
Ltd 30/03/18
AMD Metplast 18/02/18-
2 90.9652 65-75 75 45.70 - 29.30
Ltd 23/02/18
SMS
09/02/18- 293.4
3 Pharmaceutical 25.77 360-380 380 - 86.55
14/02/18 5
s Ltd
Plethico
4 Pharmaceutical 18/10/1618/10/14 39.2856 280-300 300 402 + 182
s Ltd
Nectar Life 22/13/14- 248.5
5 38.70 200-240 240 + 8.50
sciences Ltd 28/13/14 0
Indoco 18/14/13- 246.7
6 30 220-245 245 + 1.75
Remedies Ltd 23/14/13 5
Dishman
29/03/13- 298.3
7 Pharmaceutical 34.33500 185-185 185 + 143.30
14/10/13 0
& Chemical Ltd
Biocan Ltd 13/03/13- 451.9
8 180 270-318 318 + 146.95
18/03/13 5

50
 CHART SHOWING ISSUE PRICE & LTP

1200
1000
800
600
400
200
0
L L L L L
AI
D
M
S P S IR C BL
AM S P N
L
D
P

IP LTP

INTERPRETATION:
The above table projects the difference between LTP and Issue price of
Advanta India Ltd , AMD Metplast Ltd , SMS Pharmaceuticals Ltd , Plethico
Pharmaceuticals Ltd , Nectar Life sciences Ltd , Indoco Remedies Ltd , Dishman
Pharmaceutical & Chemical Ltd , Biocan Ltd is (+)396 , (-)29.30 , (-)86.55 , (+)182 ,
(+)8.50 , (+)1.75 , (+)143.30 , (+)146.95 respectively.
Based on LTP and Issue price differences we can conclude that
the investor who invested in Advanta India Ltd and Biocan Ltd got highest benefit of
Rs.396 and Rs.146.95 respectively.
It can be interpreted that the conclusion all the above scrip’s are
under priced except AMD Metplast Ltd and SMS Pharmaceuticals Ltd which is
overpriced.

51
 CHAPTER-V
 FINDINGS
 SUGGESSIONS
 CONCLUSIONS
 BIBLIOGRAPHY

52
 FINDINGS:

1. The IPO returns are more when comparing with nifty returns for the year 2013
to 2016.
2. Just Dial, Edu comp Solution,Decor and Capital has given highest benefit to
the investor.
3. Sun TV Ltd has given highest negative benefit to the investor.
4. This study reveals IPO given 81% positive result and 29% negative result or
benefit to investor.
5. Investors more crazy about the new issues or IPO.

53
 SUGGESTIONS:

1. The returns of IPO’s are higher when compare to benchmark portfolio of

Nifty. So an investor can invest in IPO’s for better returns.

2. There is a probability of listing a stock returns in positive is 81% and negative

is29%.

3. Investor need to develop a long term investment mindset rather than short term
investment to get more returns or for achieving financial goals

4. A good investor should diversifies and reduces his risk by investing in

different securities which contained different risks and returns in order to
achieve his goals

5. An easy solution to investor is to invest in to mutual fund schemes through a

systematic investment plan (sip) the mutual fund gives you a well diversified,
professionally managed portfolio at low cost

6. Investor need to aware of new information, which reflects wider changes in

share prices.

CONCLUSIONS

54
It can be observed that it is safe for the general public to invest in different
sectors of primary market in present than in the past because SEBI has been
introduced and it controls the operations and working of new issue market
Primary market returns are very attractive in short period especially on the day
of listing. But investors in IPO’s should take wise decision in choosing the
best company .From the overall study it can be concluded that the highest
positive difference between Issue price and LTP is Icici bank ltd. Scrip the
conclusion from the study is that the highest negative difference between Issue
price and LTP is Sun TV Ltd scrip.The study reveals that the scrip’s of
Textiles and Media industries have highest negative difference between LTP
and Issue price.The study shows that the scrip’s of Bank and Power or Energy
industries have highest positive difference between LTP and Issue price.

BIBLIOGRAPHY

55
Books Referred :-
1. SECURITY ANALYSIS AND
a. PORTFOLIO MANAGEMENT ---- PUNITHAVATHY PANDIAN

2. ESSENTIALS OF FINANCIAL
a. MANAGEMENT ---- I.M. PANDEY

3. INDIAN CAPITAL MARKETS ---- SANJEEV AGARWAL

Website Referred:-
1. www.nseindia.com
2. www.icicibank.com
3. www.syndicatebank.com
4. www.capitalmarket.com
5. www.sebi.com
6. www.google.com

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