As many as 35 companies are waiting for the right opportunity to enter the primary market to raise around Rs 12,000 crore in the next three to four months. Though companies like NHPC, Adani Power and Mahindra Resorts raised over Rs 8,000 crore in the last three months, nearly 17 companies have not entered the market despite the fact that they are have approval from the Sebi for months now to raise Rs 5,195 crore, said a primary market source.

There are, as of now, 17 companies which are awaiting the Sebi approval to collectively raise a meagre Rs 3,700 crore. As the Sebi approval is a big hurdle, just four companies out of nearly 700 have filed their offer documents to enter market for an IPO. Jindal Energy on Friday filed its draft red herring prospectus to raise Rs 3,000 crore through an IPO. Indiabulls Power is waiting for approval for its Rs 1,500 crore IPO. Oil India is set to hit the market with its Rs 2,500 crore IPO in September first week.

“In reality, as the secondary market has been inching upward since March this year, we have had only six IPOs/FPOs in just five months, raising a total of only Rs 8479 crore, including NHPC. A sense of stability in the secondary market is critical for IPOs to happen due to two reasons. One, when the appetite for listed stocks is also minimal, to expect new issues to find favour is hard and second, an issuer has to take a call of a stable market at least 30 days ahead — the time it requires to open and list an IPO,” said Prime Database CMD Prithvi Haldea.

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