According to the Economic Survey, which was presented in Parliament on Tuesday ahead of the Union Budget, the number of small and medium-sized enterprises (SMEs) coming with their initial public offerings (IPOs) this fiscal year (till November) has nearly doubled, and the total funds raised by them were nearly three times the funds raised by them in the same period last year.
“Although the year so far has been lacklustre in terms of fund mobilisation through IPOs, the number of SMEs coming out with public offers has been quite encouraging,” said the Survey tabled by Finance Minister Nirmala Sitharaman.
“Compared to FY22 (until November 2021), this year, not only did the number of SMEs coming with IPOs almost double, but the total funds raised by them were almost three times the funds raised by them in the same period last year,” it further said.
According to the survey, the main market performed strongly from April to November 2022 despite volatility in the world’s financial markets.
“Compared to FY22, the number of firms opting to list on the bourses increased by 37 percent, though the amount raised declined to almost half of what was raised in the last year,” the key document said.
Global financial markets had a poor performance in FY23 as a result of macroeconomic uncertainties throughout the world, extraordinary inflation, tighter monetary policy, turbulent markets, etc.
“Though global macroeconomic and financial market developments exercised some influence on Indian capital markets, India’s capital market had a good year, overall,” the Survey said.
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