The paper looks at bookbuilding mechanism as it existed in India from the time of creation of regulatory structure facilitating book-building to September 2005. The author has proprietory data of about 100 books and allocations schedules as well as flipping behaviour of the QIBs which were...

The theoretical literature on Initial Public Offerings (IPOs) strongly argues for the theory of ‘Information Asymmetry'. The existence of asymmetric information problem is mainly attributable to the lack of trading history for IPO firms and superior information possessed by different entities...

Research indicates that firms with high institutional investment outperform firms with low institutional investment, suggesting that institutions have informational advantages over individuals. We investigate whether IPO grading in India enables retail investors to invest more like institutions...

Rating agencies produce ratings used by investors, but obtain most of their revenue from issuers, leading to a conflict of interest. We employ a unique data set on the use of non-rating services, and the associated payments, in India, to test if this conflict affects ratings quality. Agencies...

The purpose of the present paper is to analyze the influence of grey market premiums for IPOs in India. As an unofficial market, grey market exists in India for a long time and influence IPO trades in the official market. The interesting part of grey market trading is that there is no system in...

Extant research on developed markets shows that investor sentiment plays a prominent role in IPO markets. There is sparse work in the context of emerging markets. We fill this lacuna by studying the Indian IPO market. We examine the determinants of offer price band and its influence on offer...