Almost all IPOs have trapped fresh investors. Declaration of dividend just before the IPOs is a clear indication that after the IPOs , no dividends would be declared for years to come. If SEBI were to analyse the performance of Companies which have gone for IPOs and raised capital during the last five years or so can easily observe that the Companies have duped the investors and they have not seen the IPO price after listing. IPOs pricing is greedy and aggressive and SEBI does not seem to have any say in the matter.
(This comment is published in BS dated 23/10/15).
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