Review on withdrawn and failed SMEs Initial Public Offering in India: An empirical case study
Review on withdrawn and failed SMEs Initial Public Offering in India: An empirical case study

Summary/Abstract: This study aims at examining and analysing the multi-various causes of failure and withdrawal of SME IPOs in the Indian Capital Market Scenario. The study is focused on the time period June 2017 to June 2019. In the Indian SME Capital Market scene, Market gained major momentum after the launch of two distinct platforms exclusively for SME fund raising. These platforms weren’t only beneficial for SME sector for financing but it also provided a platform and plan for action for informed investors to earn better return by taking enhanced risk of investing in promising and emerging ventures. Tapping on such opportunities with of course the innate risk of investing in SMEs, in 2012, both of India’s leading stock exchanges, BSE and NSE had established the two separate platforms for SMEs, called the BSE SME Platform and NSE EMERGE respectively. These SME Capital Market platforms have facilitated numerous SME companies scale up their business via these distinct platforms catering specifically to emerging small and medium companies. The study traverses the various decisive factors crucial to an IPO performance including the pre-IPO scene which is determinable to the failure or withdrawal of SME IPOs. Conclusively, the study delivers that the valuation, management, financials, business environment, peer performance, IPO pricing, ratio analysis has a strong reflection on the outcome of an IPO decision. This study has implication for investors, small business houses, investment and merchant bankers and regulatory bodies.

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