India's IPO market revives, but caution is the watchword

Bankers and venture capitalists haven’t immediately been rejoicing at the three initial public offerings launched on Indian bourses in late March. The IPOs ended a drought of almost two months after apparel maker Vedant Fashions’ 31.5 billion rupees ($415.4 million) public flotation in early February but combined they totaled a modest 3.9 billion rupees. Last year’s ebullience in India’s primary markets has given way to caution.