The momentum of Indias primary market is poised to accelerate in 2024 with companies looking to raise more than ₹1 lakh crore through initial public offerings (IPOs), twice the ₹49,434 crore raised in 2023.
Fundraising through qualified institutional placement (QIP) has revived this year, led by commercial banks, after a lacklustre 2022.
According to data compiled by Prime Database, Indian companies have raised Rs 53,070 crore in 2023 so far, of which seven banks - Union Bank of India, Indian Bank, Bank of India, Federal Bank, IDFC First Bank, Bank of Maharashtra, and J&K Bank - account for Rs 21,290 crore, or about 40 per cent.
If other financial institutions are included, the figure surges to Rs 26,690 crore.
The Bengaluru police found out that a few engineering students had bought iPhones and other high-end goods worth over Rs 20 lakh and obtained refunds by falsely claiming to have returned them.