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SEBI is considering tweaking regulations related to primary market issues, especially for IPOs as lots of new-age companies are coming for fundraising and more disclosures are sought so investors can take an informed decision. In 2014 it was 7.03%, in 2015 it came down to 5.78%, in 2016 it further declined to 5.09% by the year 2017 it was 2.36%, in 2018 was 1.77%, in 2019 it was 2.90% but 2020 saw the lowest gap of 1.48%, in the current year as on September 3rd the average price band range was 1.53%. In 2010 the average of price band range was 8.42%, in 2011 it was 9.84%, 2012 it was 9.50%, 2013 saw the maximum gap of 10.01%, but thereafter it started declining. The issue of Indigo Paints came in price range of Rs 1488-1490.Īs per the available data of last10 years after 2016 there is a trend of declining average price band range. Like Stove Craft which came up with a price band of Rs 384-385, Home First issue with price band of Rs 517-518, IRFC had a price band of Rs 25-26, Heranba Industries issue was launched in a price range of Rs 626-627, MTAR Technologies came up in price band of Rs 574-575. Here are few examples where the issue was more like a fix band issue as the difference was almost negligible. Experts believe that this is a good move, Pranav Haldea, MD, PRIME Database Group, says "This is a commendable job by SEBI because many recent issues, due to narrowing of the price band, had become more like fixed price issues than book building issues".Īs per data available in some issues the gap in price band was of Rs 1 only.
Here its important to clarify that the intent of SEBI is not to regulate the issue price but the gap in the price band. To firm up rules, later SEBI came up with a discussion paper on the same and sought feedback from stakeholders. Post Zee Business coverage the matter was referred to SEBI’s Primary Market Advisory Committee which suggested a minimum 5% difference in the lower and upper price band. Investment bankers are the professionals who guide and handhold the promoters in fundraising, complying with the regulatory requirements.