In 2022, 59 companies raised Rs 59,332 crore through going publics (IPOs).

However, not everyone was fortunate sufficient to realise their fund-raising strategies.

Market volatility forced a number of companies to let approval given by the capital markets regulator-- the Securities and Exchange Board of India (Sebi)-- lapse. A business needs to introduce its IPO within one year after Sebis last observations. In 2022, 28 such approvals lapsed.

Together, they might have raised Rs 38,828 crore.

The deal files which expired in December could alone have actually raised Rs 10,350 crore. Industry players state some companies prepare to re-file their draft red herring prospectus (DRHP) so that they can have another stab at listing.

Some are looking at alternative methods of raising capital. Go First, One Mobikwik Systems, ESAF Small Finance Bank, VLCC Healthcare, Sterlite Power Transmission, and Keventer Agro are a few of the business that let their DRHP lapse. DRHP is an initial prospectus submitted ahead of an IPO, containing crucial information such as the variety of shares being provided, monetary outcomes, and danger elements, among others. Bankers state heightened volatility is the factor for a large number of companies not coming to the marketplace to raise money.

Indian equities have actually been an outperformer in 2022, the year was characterised by sharp volatility.

A great deal of offers happened in spite of volatility.

There was just one IPO in February.

In June and July, no issue happened.

In an unpredictable environment, you can not release a big IPO.

Offers take some time to hit the markets.

It takes a minimum of seven to 9 months, says Dharmesh Mehta, handling director (MD) and president, DAM Capital Advisors. A mix of aspects, such as interest rate hikes by significant reserve banks, weakness in the rupee, fears of international economic downturn, and a spike in product costs, kept financiers on tenterhooks and weighed on deal-making this year. Foreign portfolio investors (FPIs) have actually been net-sellers up until now this year.

FPIs offered shares worth Rs 1.21 trillion.

Bankers said the DRHPs were submitted in 2015 when the IPO market was robust and valuations benign.

Bankers state promoters who had submitted their docum ¬ e ¬ nts in 2015 will have to lower their exp ¬ ectations.

Additionally, some sectors are now out of favour, with financiers and companies in these sectors no longer commanding the valuations they anticipated at the time of filing.

As a result, numerous would choose to wait than sell at depressed valuations. For a company to go public is a huge milestone.

Companies want market conditions to be propitious when they launch an IPO.

They would rather let approvals lapse than launch at a time when they do not get the valuations they desire, says Pranav Haldea, MD, PRIME Database. Lenders say next year is most likely to be turbulent for IPOs. It will be difficult, but we will see some big deals next year.

It depends on how the international market scenario is, observes Mehta.Points to Ponder A firm has to launch its IPO within a year after Sebis last observations Indian equities have outperformed, 2022 saw sharp volatility Bankers state the DRHPs were filed last year when the IPO market was robust and valuations benign The entire procedure of IPO takes 7 to 9 months in the past hitting the marketplace 2022 might be a troubled one for IPOs, state bankers