Contemporary Issues Project Report On

Investors’ perception towards Initial Public Offering

(IPO) in Gujarat

Submitted By
Dhruvi Patel
PRN No: - 8021070153
Batch: - 2021-23

In partial fulfillment of the requirement of the MBA Programme For

the award of Master of Business Administration
At

M. S. Patel Institute of Management Studies

Faculty of Management Studies
The Maharaja Sayajirao University of Baroda

1
 DECLARATION

I, Dhruvi Patel, a second-year M.B.A. student at the Faculty of Management

Studies, Maharaja Sayajirao University of Baroda, as the undersigned, hereby
declare that the report "Investors’ Perception towards Initial Public Offering
(IPO) in Gujarat " my own research and it is my research carried out during the
study. This study has not been previously submitted by any other person to any
other organization for any other examination or any other purpose.

I ensure the authenticity of the material and guarantee that the data will not be
misused. Care has been taken to ensure that this Contemporary Issues report
meets all the necessary standards for teacher leadership. To the best of my
knowledge and belief, no part of this report has been copied or reproduced from
any other report, monograph, or research paper.

Regards,

Dhruvi Patel,
MBA (Finance) 2021-23
Faculty of Management Studies
The Maharaja Sayajirao University of Baroda

2
 ACKNOWLEDGMENT

It has been a great pleasure and satisfaction to present this research as part of
completing my MBA degree. I would like to take this opportunity to express my
heartfelt thanks to several people without whose help, guidance, and
encouragement I would not have been able to carry out the work I want.
I would like to sincerely thank Dr. Sunita Sharma (Dean, Faculty of
Management Studies, Maharaja Sayajirao University of Vadodara) for allowing
me to present this report.
I would also like to thank Dr. Bhargav Pandya and Dr. Khushali Chauhan for
their ongoing support and guidance, as well as my friends and interviewees who
willingly helped me with their answers and abilities. I would also like to thank
Ms. Smita Trivedi and all the other visiting faculty who enabled me to expertly
conduct and conduct my research.
Finally, I would like to express my heartfelt thanks to family and friends for their
invaluable support. I see this opportunity as a valuable way to post on my
professional development and become a better person. I try to use the acquired
skills and knowledge in the best possible way and try to improve it.

3
 INDEX

Serial Particulars Page

No. No.
1. Abstract 5

2. Introduction 6

3 Research Methodology 9

4 Data Analysis 11

5 Chi-Square test of Independence 20

6 Findings 24

7 Recommendations 25

8 Questionnaire 26

9 Plagiarism Report 28

8 Bibliography 29

4
 ABSTRACT

An initial public offering is a process by which a private company goes public by selling its
shares to the public. It could be a new, young company, or it could be an older company that
decides to list on an exchange and thus goes public. A company can raise equity capital by
issuing new shares to the public with the help of an IPO, or existing shareholders can sell their
shares to the public without raising any new capital. An initial public offering (IPO) is the
process of selling shares of a private company to the public in a new stock offering. A public
stock offering allows a company to raise capital from public investors.

It is difficult for any individual investor to predict how a stock will perform in its first few days
of trading and in the near future, as there is little or no historical data available to analyze a
company or companies. Hence, this study was carried out to examine the perception of
investors towards IPO in Gujarat. The research sample is 120 people, and the main data is
adopted from the questionnaire survey. The statistical tools of Percentage analysis and chi-
square analysis were applied. This research will help understand investors' preferences for
IPOs, the purpose of investing in IPOs, the sources investors typically use when investing, the
actual benefits they receive, and investors' perceptions of the process when filing for an IPO.
Furthermore, the research aims to analyze the factors that influence investors' selection of IPOs.
These factors include the performance of the existing company, industry performance,
premium amount, market share of the company, broker's recommendations, expert reviews,
etc., as well as knowledge of people in Gujarat for a book-building method of IPO issue.

5
 INTRODUCTION

 INITIAL PUBLIC OFFERING

An initial public offering is a process by which a private company goes public by selling its
shares to the public. It could be a new, young company, or it could be an older company that
decides to list on an exchange and thus goes public.
A company can raise equity capital by issuing new shares to the public with the help of an IPO,
or existing shareholders can sell their shares to the public without raising any new capital. A
company that issues shares to the public has no obligation to repay the capital to public
investors.
A private company (a company that is not listed on a stock exchange) announces an initial
public offering (IPO) when it decides to raise capital by selling securities or shares to the public
for the first time. In other words, an IPO is the sale of securities to the public in the primary
market. The primary market deals with the initial issuance of new securities. After being listed
on the stock exchange, the company becomes a listed company, and the company's shares can
be freely bought and sold in the open market

 Types of IPO issue

6
Fixed Price Issue: -
Under a fixed price, the listed company fixes a fixed price at which to sell its shares to investors.
Investors know the stock price before the company goes public. Market demand can only be
known after the issue is over. To participate in the IPO, investors must pay the full share price
at the time of filing.

Book Building Issue; -

Under book building, listed companies offer investors a 20% range in the stock price. Once
bidding closes, investors place bids on the shares before the final price is set. Investors must
specify the number of shares they want to buy and the amount they are willing to pay. Unlike
fixed price offerings, there is no fixed price per share. The lowest stock price is called the floor
price, while the highest stock price is called the cap price. The final share price is determined
by investor bids.

Stages in Book Building: -

7
  Literature Review: -
(Velmurugan, 2015), there are a large number of small investors who can save and invest in
the stock market, gold, real estate, insurance and post office. In recent years, many studies have
examined investors' perceptions of various investments from different perspectives. From a
survey of the equity, insurance, and mutual fund investment literature, there are studies based
on researchers investing in various avenues. However, investor perceptions of various
investment avenues in Vellore, Tamil Nadu and India remain to be explored. As such, this
article is timely and fills a gap in the investment pathway literature.

(Nagtilak, 2015), an initial public offering is the most high-profile event for an organization.
For any company, "listing" is as important as "listing". IPOs are usually issued by small and
new companies that need capital to expand their business, but sometimes larger companies
issue them for public trading as well. Public companies have more sources of capital than
private companies.

(Rajagopalan, 2015), Indian investors' portfolios consist of bank term deposits, risk-free
government securities, tax-advantaged assets, low-yielding instruments, and non-financial
assets such as gold, but do not participate in the stock market. The researchers used structural
equation modeling to measure the collective impact of demographic variables, financial
literacy, investment objectives, valuation techniques and strategies, portfolio composition
patterns, and personality traits on psychological biases.

(Sarin, 2017), the initial public offering is considered the most pending item requiring
confirmation. If it is a company, "listing" is as important as "listing". Small and new companies
usually issue IPOs when they need capital, but occasionally larger companies issue IPOs to
become publicly traded. Companies see going public as a big commitment. The way companies
do business will be impacted by this IPO process."

(Shukla, 2018), this paper assesses how the operating performance of Indian companies
changes after an initial public offering (IPO). It found that post-IPO operating performance
does not deteriorate if performance metrics like "profit" are normalized by volume (i.e., return
on sales) rather than assets (i.e., return on assets). Unlike other similar studies that report a
marked decline in return on assets, this paper finds a steady return on sales. This article
highlights the importance of choosing the right variables for matching and normalization
purposes.

(Singh, 2019), the role of corporate governance indicators in IPO (Initial Public Offering)
pricing is an area of moderate research, however, it was found that most of these studies were
conducted in contexts outside of Asian economies. In particular, only a few studies have been
done in the past in the context of the Indian IPO market. This study, therefore, aims to bridge
this gap by examining the statistical significance of board-related corporate governance
mechanisms in predicting the likelihood of IPO under-pricing. This study is unique because it
incorporates a new dimension of "board leadership" and examines the effect of an independent
director serving as chairman on IPO under-pricing.

8
 RESEARCH METHODOLOGY

Objectives of the Study: -

 To Study the investors’ perception and preferences toward IPO in Gujarat.

 To ascertain the attribute that influenced the investor in selecting a particular IPO.
 To identify the awareness of people in Gujarat towards the Book Building Method of
the IPO issue.

Research Design: -
Research design is simply the framework or plan for a study, used as a guide in collecting and
analyzing data. There are three types of Research Design:
1.) Exploratory Research Design
2.) Descriptive Research Design
3.) Casual Research Design
For the study, Exploratory Research Design was undertaken.

Data Collection: -
Primary data was collected with the help of a Questionnaire. It was done with the help of
Google Forms where the set of questions was listed and that form was circulated to get expected
replies from the respondents in Gujarat.

Research Gap: -
After covid-19 more people started to invest in an IPO. The latest report on Investors’
perception toward IPO in Gujarat is not done by anyone.

Statement of Problem: -
 DRHP of a company is a very serious concern. But many do not take this into
consideration.
 Investors blindly trust on expert comments and broker advice.
 At what price investors are going to invest means they did not know the Book
Building method of IPO issue.

9
Sampling: -

 Sampling Frame
A sampling frame is a source or device from which a sample is drawn. All the investors
of Gujarat are to be included in the sampling frame for the study.

 Sampling Unit
Sampling units are taken from an entire population. In this study, the individual
respondents who shared their experiences by filling up the questionnaire are regarded
as Sampling Unit.

 Sampling technique
In this research, Non- Probability Convenience Sampling Technique was used.

 Sampling size
Sample size measures the number of individual samples measured or observations used
in a survey. The sample size was taken as 120 respondents.

Limitation of the study: -

 120 responses are not sufficient to know the customers’ perception of all people of
Gujarat.
 Lack of sufficient time to collect the data may have led to an improper collection of
data, meaning the data may be skewed towards a particular set of people only.
 As the analysis is done from the sample collected, the sample itself might be having
some sampling error.
 Many people were not interested in filling out a questionnaire or they filled out the
questionnaire just for the sake of it and no genuine answers were given.
 The reliability of responses is based on the respondent’s opinion only.

10
 Data Analysis
Gender

Gender Number of Respondents

Male 61 (50.8%)
Female 59 (49.2%)
Other 0

A total of 120 People filled out the form out of which 61 were male and 59 were female.

Age

11
 Age Group Number of Respondents
18-25 Years 51 (42.5%)
26-40 Years 34 (28.3%)
41-60 Years 26 (21.7%)
Above 60 Years 9 (7.5%)

Out of the total respondents, 42.5% of people belong to 18 to 25 years which is the highest
among all the groups. There are 34 people between 26 to 40 years. And a low number of
respondents 9 (7.5%) are above 60 Years.

City

City Number of Respondents

Ahmedabad 85 (70.8%)
Anand 5 (4.2%)
Ankleshwar 6 (5 %)
Surat 2 (1.7%)
Gandhinagar 3 (2.5%)
Vadodara 18 (15%)
Rajkot 1 (0.8%)

Out of the total respondents more people i.e.,70.8% are from Ahmedabad. From Vadodara,
there are 18 respondents. And other respondents are from Anand, Ankleshwar, Surat,
Gandhinagar, and Rajkot.

12
 Occupation

Occupation Number of Respondents

Students 40 (33.3%)
Service 38 (31.7%)
Business/Profession 19 (15.8%)
Other 23 (19.2%)

Out of the total respondents, most people 40 are Students. Then 38 people are doing Services.
And 19 people are Business and Professional people.

Invest in IPO or Not

This chart mainly talks about the respondents’ interest in investing in IPOs. Out of 120
respondents, it is seen that 85 (70.8%) of respondents invest in IPOs, whereas 35 (29.2%)
respondents do not invest in IPO. This shows that IPO is considered a good option for
investment by most of the respondents.

13
 Reason for not investing in IPO

Out of 120 respondents, 35 respondents do not invest in IPO. Among these 35 respondents,
45.7% means 16 are not investing in IPO due to a Lack of Awareness and Knowledge. And 11
people believe that it takes more time to get returns which is the reason for not investing in
IPO. 8 people not investing in IPO due to risk factors and Scams.

Resource of information about the upcoming IPO

Resource Number of Respondents

Internet 48 (56.5%)
Newspaper 4 (4.7%)
News 3 (3.5%)
Broker 30 (35.3%)

14
The Internet plays a very important role in imparting not only information but knowledge also.
Out of 85 people, there are 48 people who get information about upcoming IPO from the
Internet. Apart from the Internet they also got to know through newspapers and brokers. 3.5%
of people get the information from the news means news from friends and family members.

Factors see before investing in an IPO

Most people 49 (57.6%) see the Performance of an Existing Company before investing in an
IPO. The Premium Amount and Sector Performance are each seen by 19 and 10 people
respectively. The lowest number of people see Promoters’ Background which is 7 (8.2%).

Check whether the Company is loss-making or not

The above chart shows that out of 85 people, there are 62 people always check whether the
company is loss-making or not. While 16 people do not check and 7 people sometimes check
whether the company is loss-making or not.

15
 Reason for Selecting the IPO of a loss-Making Company

The above chart clearly shows that investors not only invest in profit-making companies only
but invest in IPOs of loss-making companies also. Due to various reasons, investors are
investing in IPOs of loss-making companies like high grey market premium, Market
Sentiments, Long term gain.

Action on Listing Day

The above chart clearly shows that investors are investing in IPOs mostly for listing gain rather
than long-term gain. 67 (78.8%) of total respondents sold shares of the company on listing day
due to gain and 14 (16.5%) hold for a long-term basis either in gain on loss.

16
 Earned from IPO

The above chart clearly shows that 47 (55.3%) people gained 10% to 20% from IPO. 25
(29.4%) people earned up to 10%. The highest gain of above 20% was earned by 7 people.
While 6 people have no gain from IPO.

Factors Considered for Investing in an IPO

The above chart shows that the highest 49.4% of people considered Grey Market Premium for
investing in an IPO. Then 43.5% of people considered broker advice. Reading DRHP is most
important for investing in an IPO but 23.5% of people only considered reading DRHP for
investing in an IPO.

17
 Mode using for Investing in an IPO

Nowadays ASBA (Application Supported by Blocked Amount) becomes more famous for
applying in an IPO. Because ASBA is very safe. Here out of 85 respondents, 57.6% means 49
people are applying for an IPO through ASBA (Net Banking). While 23 people are using UPI
(Through Application) and 13 people are applying through Offline mode.

The procedure of Applying for an IPO

The above chart shows that out of 85 people, there are 79 (92.9%) people believe that the
procedure of applying for an IPO is easy. And 4 people believe that the procedure of applying
for an IPO is lengthy whereas for 2 people it is Complicated.

18
 Knowledge of Book Building Method of IPO

Book Building Method of an IPO is the most important but here in the above chart, we see
that 54(63.5%) of people do not know about the Book Building Method of an IPO. Only 31
people know about the Book Building Method of an IPO.

Difficulties face after applying for an IPO

The above chart shows that difficulties face after applying for an IPO. There are (14) 16.5% of
people who face the problem of refunds and 10 (11.8%) of people face the problem of no clarity
in the allotment. 5 (5.9%) of people face the problem of delay in crediting allotted shares
whereas the highest 56 (65.9%) respondents do not face any problem after applying for an IPO.

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 Chi-Square Test of Independence

Objective: -
The objective of performing this test was to identify the interdependence of age groups and
preferences for factors considered for investing in an IPO and the awareness of people
towards the Book Building Method of the IPO Issue.

 Chi-square test between Age groups and factors considered for investing
in an IPO.

Formulation of Hypothesis: -
Null Hypothesis Age and Factors considered for investing in an IPO are
(H0) Independent Variable

Alternative Age and Factors considered for investing in an IPO are Dependent
Hypothesis (H1) Variable

Distribution of Observed Responses: -

The following table was created with help of the responses given by respondents regarding
their age group and preferences for factors considered for investing in an IPO.

Age 18-25 26-40 41-60 Above TOTAL

Years Years Years 60
Years
Broker Advice 11 12 8 6 37
Factors Comments of 15 5 6 5 31
considered Experts
for Size of the IPO 11 10 8 0 29
investing Market Share of the
in an IPO
12 7 7 0 26
Company
Grey Market 17 14 10 1 42
Premium
Reading DHRP 5 7 8 0 20
Total 71 55 47 12 185

20
Distribution of Expected Responses: -
Expected values in the following table were derived with help of the following equation
Eij = (Sum of ith column * Sum of jth row) / Grand total

Age 18-25 26-40 41-60 Above TOTAL

Years Years Years 60
Years
Broker Advice 14.20 11 9.40 2.40 37
Factors Comments of 11.90 9.22 7.88 2.01 31
considered Experts
for Size of the IPO 11.13 8.62 7.37 1.88 29
investing Market Share of the
in an IPO
9.98 7.73 6.61 1.69 26
Company
Grey Market 16.12 12.49 10.67 2.72 42
Premium
Reading DHRP 7.68 5.95 5.08 1.30 20
Total 71 55 47 12 185

Calculation of Chi-Square value: -

The expected value in each cell was calculated with the following equation.
Chi-square value = (Oij-Eij)²/Eij
Oij = Observed frequency from ith row & jth column
Eij= Expected frequency from ith row & jth column

Age 18-25 26-40 41-60 Above TOTAL

Years Years Years 60
Years
Broker Advice 0.72 0.09 0.21 5.40 6.42
Factors Comments of 0.81 1.93 0.45 4.44 7.63
considered Experts
for Size of the IPO 0 0.22 0.05 1.88 2.16
investing Market Share of the
in an IPO
0.41 0.07 0.02 1.69 2.19
Company
Grey Market 0.05 0.18 0.04 1.09 1.37
Premium
Reading DHRP 0.93 0.19 1.68 1.30 4.09
Total 2.92 2.68 2.45 15.80 23.85

21
 Significance Level 5%
DOF 15
Chi-square Calculated Value 23.85
P Value 0.07
Critical Value of Chi-square 24.99

Interpretation: -
The Chi-square calculated value is less than the chi-square critical value. (23.85<24.99).
Hence, we accept the Null hypothesis (H0) and Reject the Alternative hypothesis (H1). The P
value is more than the significance level (0.07> 0.05) and thus H1 is rejected. Thus, we can say
that Age and Factors considered for investing in an IPO are independent variables.

 Chi-square test between Age groups and Awareness towards the Book
Building Method of the IPO Issue.

Formulation of Hypothesis: -
Null Hypothesis Age and Awareness of the Book Building Method of the IPO
(H0) Issue are Independent Variable

Alternative Age and Awareness of the Book Building Method of the IPO Issue
Hypothesis (H1) are Dependent Variable

Distribution of Observed Responses: -

The following table was created with help of the responses given by respondents regarding
their age group and Awareness of the Book Building Method of the IPO Issue.

Age 18-25 26-40 41-60 Above TOTAL

Years Years Years 60
Years
Awareness Yes 13 12 6 0 31
No 18 16 13 7 54
Total 31 28 19 7 85

22
Distribution of Expected Responses: -
Expected values in the following table were derived with help of the following equation
Eij = (Sum of ith column * Sum of jth row) / Grand total

Age 18-25 26-40 41-60 Above TOTAL

Years Years Years 60
Years
Awareness Yes 11.31 10.21 6.93 2.55 31
No 19.69 17.79 12.07 4.45 54
Total 31 28 19 7 85

Calculation of Chi-Square value: -

The expected value in each cell was calculated with the following equation.
Chi-square value = (Oij-Eij)²/Eij
Oij = Observed frequency from ith row & jth column
Eij= Expected frequency from ith row & jth column

Age 18-25 26-40 41-60 Above TOTAL

Years Years Years 60
Years
Awareness Yes 0.25 0.31 0.12 2.55 3.24
No 0.15 0.18 0.07 1.47 1.86
Total 0.40 0.49 0.20 4.02 5.11

Significance Level 5%
DOF 3
Chi-square Calculated Value 5.11
P Value 0.16
Critical Value of Chi-square 7.81

Interpretation: -
The Chi-square calculated value is less than the chi-square critical value. (5.11<7.81). Hence,
we accept the Null hypothesis (H0) and Reject the Alternative hypothesis (H1). The P value is
more than the significance level (0.16 > 0.05) and thus H1 is rejected. Thus, we can say that
Age and Awareness of the Book Building Method of the IPO Issue are independent variables.

23
 FINDINGS

 Increase in the interest of the stock market more people are likely to invest
in IPO. Here out of 120 respondents, 85 (70.8%) respondents invest in IPO.
 29.2% (35) people are not investing out of them 45.7% (16) are not
investing in an IPO due to a Lack of Awareness and Knowledge.
 With the increase in technology a greater number 56.5% of people are
getting information about upcoming IPO from the Internet.
 Most people 49 (57.6 %) see the Performance of an Existing Company
before investing in an IPO.
 While applying for an IPO there are 72.9% of people check whether the
company is loss-making or not.
 34.1% of people also apply for an IPO of a loss-making Company for a
High Grey Market Premium.
 Investors are investing in IPOs mostly for listing gain rather than long-term
gain. 67 (78.8%) of the total respondents sold shares of the company on
listing day.
 55.3% of people gained 10% to 20% from investing in an IPO.
 Reading DRHP is most important for investing in an IPO but 23.5% of
people only considered reading DRHP for investing in an IPO.
 Highest factor considered by most of the people in Gujarat is Grey Market
Premium.
 In Gujarat 57.6% of people out of the total respondents are applying for an
IPO through ASBA (Net Banking).
 Book building method which is most important while applying for an IPO
but 63.5% (54) people do not know about that.
 There is no relationship between Age group and Factors considered for
applying in an IPO.
 Also, there is no relationship between the Age group and the Book Building
Method of an IPO Issue.

24
 RECOMMENDATIONS

 Only 23.5% of investors are investing in IPOs after a proper study of the
DRHP of a company which is a very serious concern so an investors
awareness program should be organized to increase the knowledge of
investors for analyzing DHRP before investing in any IPOs.
 Comments of expert and broker advice plays an important role while
investing in IPOs for investors but an investor should not blindly trust such
experts and brokers as they can make false claim also in greed of some
reward.
 Investors should check in advance before applying to any IPO whether a
company is loss-making or profit-making, its strength, weakness,
competitions, moat, future plans, promoter holding, and management of a
company.
 About 56.5% of the respondents are getting information from the internet
about incoming IPOs. So, to gain market and increase the subscription, an
effective advertisement should be done on social media.
 There is an increase in people investing in an IPO. But, at what prices
between them they are willing to pay means Book Building Method of IPO
Issue they do not know. So, need to awareness of that people.

25
 QUESTIONNAIRE
1. Name
2. Gender
Male
Female
Other

3. Age
18 - 25 Years
26 – 40 Years
41- 60 Years
Above 60 Years

4. City
5. Occupation
Student
Service
Business/ Profession
Other

6. Do You invest in IPO?

Yes
No

7. Reason for not Investing in IPO?

Lack of Awareness and Knowledge
Due to risk factors and Scam
Take more time in getting returns

8. From where do you get information about the upcoming IPO?

Internet
Newspaper
News
Broker

9. What do you see before investing in an IPO?

Promoters Background
Sector Performance
Performance of Existing Company
Premium Amount

10. While applying for an IPO do you see Whether the Company is loss-making or not?
Yes, I always Check
No, I Do Not Check
Sometimes, I check
26
11. What Reason behind Selecting the IPO of a loss-Making Company?
Not applying for Loss Making Company
Market Sentiments
High Grey Market Premium (GMP)
Long term gain

12. What do you do on listing day?

Sold in case of gain
Hold in case of loss
Hold for the long term either in loss or gain

13. How much Percentage have you gained from IPO?

No gain
Up to 10%
10% to 20%
Above 20%

14. Which Factors you are considering for investing in an IPO?

Broker Advice
Comments of Experts
Size of the IPO
Market Share of the Company
Grey Market Premium (GMP)
Reading DRHP

15. Which Mode you are using for applying for an IPO?
ASBA (Net Banking)
UPI
Offline (Form)

16. What do you feel about the procedure of Applying for an IPO?
Easy
Difficult
Complicated
Lengthy

17. Do you know about the Book Building Method of IPO?

Yes
No
18. Which difficulties did you face after applying for an IPO?
Refund Problem
Delay in Crediting allotted shares
No Clarity in Allotment
None of the above

27
PLAGIARISM REPORT

28
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https://www.studocu.com/row/document/tribhuvan-vishwavidalaya/business-finance/a-study-on-
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https://www.sebi.gov.in/sebi_data/attachdocs/1491452612271.pdf

https://ijrpr.com/uploads/V3ISSUE7/IJRPR5683.pdf

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PUBLIC_OFFERING_IN

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