India: Market gets unattractive for investors with surging IPO valuations

Photo: Reuters

Equity markets have corrected considerably in the past two months. But those in the primary market are acting as if the bull market is alive and kicking. The initial public offerings (IPOs) of ICICI Securities Ltd and Hindustan Aeronautics Ltd (HAL) failed to get enough bids to meet their targeted issue size, and experts have squarely blamed the rich valuations these companies were demanding.

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