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EXECUTIVE SUMMARY
As we all know IPO I N I T I A L P U B L I C O F F E R I N G i s t h e hottest topic in the current industry, mainly because of India being a developing country and lot of growth in various sectors which leads a country to ultimate success. And when we talk about countrys growth which is dependent on the kind of work and how much importance to which sector is given. And when we say or talk about industries growth wh i c h l e a d s t h e e c o n om y o f c o u n t r y h a s t o b e b a l a n c e d a n d g iv e n p r o p e r f i n a n c e s o a s t o r e a c h t h e l e v e l s t o f u l f i l l t h e n e e d s o f t h e society. And industries which have massive outflow of work and a big portfolio then its very difficult for any company to work with limited finance and this is where IPO plays an important role. This report talks about how IPO helps in raising fund for the companies going public, what are its pros and cons, and also it gives us detailed idea why companies go public. How and what are the steps taken by the companies before going for any IPO and also the role of (SEBI) Securities and Exchange Board of India the BSE and NSE, what a r e p r i ma r y a n d s e c o n d a r y ma r k e t s a n d a l s o t h e i mp o r t a n t t e r ms related to IPO. It gives us idea of how IPO is driven i n the market and what are various factors taken into consideration before going for an I P O. An d i t a l s o t e l l s u s h o w we c a n mo r e o r l e s s ju d g e a go o d I P O. Then we all know that scams have always been a part of any sector you go in for which are covered in it and also few recommendations are g i v e n f o r t h e s a me . I t a l s o g i v e s u s s o me i d e a a b o u t w h a t a r e t h e expenses that a company undertakes during an IPO. I P O h a s b e e n o n e o f t h e mo s t i mp o r t a n t g e n e r a t o r s o f funds for the small companies making them big and given a new vision i n p a s t a n d i t i s s t i l l c o n t i n u i n g i t s w o r k a n d a l s o f o r ma n y c o mi n g years.

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INTRODUCTION
IPO stands for INITIAL PUBLIC OFFERING and means the new offer of shares from a company which was previously unlisted. This is done by offering those shares to the public, which were held by the promoters or the private investors prior to the IPO. In the case when other investors or Promoter held the shares the stake holding comes down to the extent their shares are offered to the public. In other cases new shares are issued to the public and the shares, which are with the promoters stay with them. In both cases the share of the promoters in the total capital comes down. For example say there are 100 shares in a company and 50 o f t h e s e a r e o f f e r e d to the public in an IPO then in such a case the promoters stake in the company comes down from 100% to 50%.

In another case the company issues 50 additional shares to the public and the stake of the promoter comes down from 100% to 67%.Normally in an IPO the shares are issued at a discount to what is considered their intrinsic value and thats why investors keenly await IPOs and make money on most of them. IPO are generally priced a t a d i s c o u n t , wh i c h me a n s t h a t i f t h e i n t r i n s i c v a l u e o f a s h a r e i s perceived to be Rs.100 the shares will be offered at a price, which is lesser than Rs.100 say Rs.80 during the IPO. When the stock actually lists in the market it will list closer to Rs.100. The difference between t h e t wo p r i c e s i s k n o wn a s Li s t i n g Ga i n s , w h i c h a n i n v e s to r ma k e s when investing in IPO and making money at the listing of the IPO. A Bullish Market gives IPO investors a clear opportunity to achieve long term targets in a short term phase.

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WHAT IS AN IPO? An IPO is the first sale of stock by a company to the public. A company can raise money by issuing either debt or equity. If the company has never issued equity to the public, it's known as an IPO. C o mp a n i e s f a l l i n t o t wo b r o a d c a t e g o r i e s : p r i v a t e a n d public. A privately held company has fewer shareholders and its owners don't have to disclose much information about the company. Anybody can go out and incorporate a company: just put in some money, file the right legal documents and follow the reporting rules of y o u r jurisdiction. Most small businesses are privately held. But l a r g e companies can be private too. Did you know that IKEA, Domino's Pizza and Hallmark Cards are all privately held? It usually isn't possible to buy shares in a private

company. Y o u c a n a p p r o a c h t h e o w n e r s a b o u t i n v e s t i n g , b u t t h e y ' r e n o t obligated to sell you anything. Public companies, on the other hand, have sold at least a portion of themselves to the public and trade on a stock exchange. This is why doing an IPO is also referred to as "going public."Public companies have thousands of shareholders and are s u b je c t t o s t r i c t r u l e s a n d r e g u l a t i o n s . Th e y mu s t h a v e a b o a r d o f directors and they must report financial information every quarter. In t h e U n i t e d S t a t e s , p u b l i c c o m p a n i e s r e p o r t t o t h e S e c u r i t i e s a n d Exc hange Commission (SEC). In other countries, public companies are overseen by governing bodies similar to the SEC. From an investor's standpoint, the most exciting thing about a public company is that the stock is traded in the open market, like any other commodity. If you h a v e t h e c a s h , yo u c a n i n v e s t . Th e C E O c o u l d h a t e yo u r g u t s , b u t there's nothing he or she could do to stop you from buying stock. The first sale of stock by a private company to the public, IPOs are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately-owned companies looking to become publicly traded. In an IPO, the issuer obtains the assistance of an underwriting firm, which helps it determine what type of security to issue (common or preferred), best offering price and time to bring it to market. IPOs can be a risky investment. For the individual investor, it is tough to predict what the stock will do on its initial day of trading and in the near future since there is often little historical data with which to analyze the company. Also, most IPOs ar
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e of companies going through a transitory growth period and they are therefore subject to additional uncertainty regarding their future value. WHY IPO? When a privately held corporation needs to raise additional capital, it can either take on debt or sell partial ownership. If the corporation chooses to sell ownership to the public, it engages in an IPO. Corporations choose to "go public" instead of issuing debt securities for several reasons. The most common reason is that capital raised through an IPO does not have to be repaid, whereas debt securities such as bonds must be repaid with interest. Despite this apparent benefit, there are also many drawbacks to an IPO. A large drawback to going public is that the current owners of the privately held corporation lose a part of their ownership. Corporations weigh the costs and benefits of an IPO carefully before performing an IPO. IPO METHODSGOING PUBLIC If a corporation decides that it is going to perform an IPO, it will first hire an investment bank to facilitate the sale of its shares to the public. This process is commonly called "underwriting"; the bank's role as the underwriter varies according to the method of underwriting agreed upon, but its primary function remains the same. In accordance with the Securities Act of 1933, the corporation will file a registration statement with the SEBI. The registration statement must fully disclose all material information to the SEBI, including a description of the corporation, detailed financial statements, biographical information on insiders, and the number of shares owned by each insider. After filing, the corporation must wait for the SEBI to investigate the registration statement and approve of the full disclosure. During this period while the SEBI investigates the corporation's filings, the underwriter will try to increase demand for the corporation's stock. Many investment banks will print "tombstone" advertisements that offer "barebones" information to prospective investors. The underwriter will also issue a preliminary prospectus, or "red herring", to potential investors. These red herrings include much of the information contained in the registration statement, but are incomplete and subject to change. An official summary of the corporation, or prospectus, must be issued either before or along with the actual stock offering. After the SEBI approves of the corporation's full disclosure, the corporation and the underwriter decide on the price and date of the IPO; the IPO is then conducted on the determined date. IPOs are sometimes postponed or even withdrawn in poor market conditions.

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COMMON METHODS INCLUDE: Dutch auction Firm commitment Best efforts Bought deal Self Distribution of Stock DUTCH AUCTION Dutch auction is a type of auction where the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneer's price, or a predetermined reserve price (the seller's minimum acceptable price) is reached. The winning participant pays the last announced price. This type of auction is convenient when it is important to auction goods quickly, since a sale never requires more than one bid. Theoretically, the bidding strategy and results of this auction are equivalent to those in a sealed first-price auction. A sealed first-price auction is a form of auction where bidders submit one bid in a concealed fashion. The submitted bids are then compared and the person with the highest bid wins the award, and pays the amount of his bid to the seller.

FIRM COMMITEMENT A lending institution's promise to enter into a loan agreement with a specific entity within a certain period of time is called firm commitment. An underwriter's agreement to assume all inventory risk and purchase all securities directly from the issuer for sale to the public at the price specified. BEST EFFORT An agreement an underwriter makes to act as an agent between an issuing company and investors. In a best efforts agreement, the underwriter agrees to use all efforts to sell as much of an issue as possible to the public. The underwriter can purchase only the amount required to fulfill its client's demand or the entire issue. However, if the underwriter is unable to sell all securities, it is not responsible for any unsold
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inventory. Best effort agreements are used mainly for securities with higher risk, such as unseasoned offerings. BOUGHT DEAL A bought deal occurs when an underwriter, such as an investment bank or a syndicate, purchases securities from an issuer before selling them to the public. The investment bank (or underwriter) acts as principal rather than agent and thus actually "goes long" in the security. The bank negotiates a price with the issuer (usually at a discount to the current market price, if applicable).The advantage of the bought deal from the issuer's perspective is that they do not have to worry about financing risk (the risk that the financing can only be done at a discount too steep to market price.) This is in contrast to a fully-marketed offering, where the underwriters have to "market" the offering to prospective buyers, only after which the price is set. The advantages of the bought deal from the underwriter's perspective include: Bought deals are usually priced at a larger discount to market than fully marketed deals, and thus may be easier to sell; and The issuer/client may only be willing to do a deal if it is bought (as it eliminates execution or market risk.)The disadvantage of the bought deal from the underwriter's perspective is that if it cannot sell the securities, it must hold them. This is usually the result of the market price falling below the issue price, which means the underwriter loses money. The underwriter also uses up its capital, which would probably otherwise be put to better use (given sell-side investment banks are not usually in the business of buying new issues of securities.) SELF DISTRIBUTION OF STOCK Self distribution of stock is a type of IPO, or initial public offering. In this offering, the company selling stocks will offer its shares directly to the public and cut out the need for an underwriter. These types of IPOs save the company money because it doesn't have to sell stock at a discounted price to the underwriters. This can be a difficult way to purchase shares in IPOs.

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WHO SHOULD ADOPT THIS ROUTE Any company which wishes to become public limited can adopt this route. When a company lists its shares on a public exchange, it will almost invariably look to issue additional new shares in order to raise extra capital at the same time. The money paid by investors for the newly-issued shares goes directly to the company (in contrast to a later trade of shares on the exchange, where the money passes between investors). An IPO, therefore, allows a company to tap a wide pool of stock market investors to provide it with large volumes of capital for future growth. The company is never required to repay the capital, but instead the new shareholders have a right to future profits distributed by the company. The existing shareholders will see their shareholdings diluted as a proportion of the company's shares. However, they hope that the capital investment will make their shareholdings more valuable in absolute terms. In addition, once a company is listed, it will be able to issue further shares via a rights issue, thereby again providing itself with capital for expansion without incurring any debt. This regular ability to raise large amounts of capital from the general market, rather than having to seek and negotiate with individual investors, is a key incentive for many companies seeking to list.

IPO METHODOLOGY IPOs generally involve one or more investment banks as "underwriters." The company offering its shares, called the "issuer," enters a contract with a lead underwriter to sell its shares to the public. The underwriter then approaches investors with offers to sell these shares. Investment banks help companies and governments raise money by issuing and selling securities in the capital markets (both equity and debt), as well as providing advice on transactions such as mergers and acquisitions. A majority of investment banks also offer strategic advisory services for mergers, acquisitions, divestiture or other financial services for clients, such as the trading of derivatives, fixed income, foreign exchange, commodity, and equity securities. When a company wants to go public, the first thing it does is hire an investment bank. A company could theoretically sell its shares on its own, but realistically, an investment bank is required. Underwriting is the process of raising money by either debt or equity (in this case we are referring to equity). Underwriters are middlemen between companies and the investing public. The biggest underwriters are Goldman Sachs, Merrill Lynch, Credit Suisse First Boston, Lehman Brothers and Morgan Stanley. The company and the investment bank will first meet to negotiate the deal. Items usually discussed include the amount of money a company will raise, the type of securities to be issued and all the details in the underwriting agreement. The deal can be structured in a variety of ways. For example, in a firm commitment, the underwriter guarantees that a certain amount will be raised by buying the entire offer and then reselling to the public. In a best efforts agreement, however, the underwriter sells securities for the company but doesn't guarantee the
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amount raised. Also, investment banks are hesitant to shoulder all the risk of an offering. Instead, they form a syndicate of underwriters. One underwriter leads the syndicate and the others sell a part of the issue. Once all sides agree to a deal, the investment bank puts together a registration statement to be filed with the SEBI. This document contains information about the offering as well as company info such as financial statements, management background, any legal problems, where the money is to be used and insider holdings. The SEBI then requires a cooling off period, in which they investigate and make sure all material information has been disclosed. Once the SEBI approves the offering, a date (the effective date) is set when the stock will be offered to the public. During the cooling off period the underwriter puts together what is known as the red herring. This is an initial prospectus containing all the information about the company except for the offer price and the effective date, which aren't known at that time. With the red herring in hand, the underwriter and company attempt to hype and build up interest for the issue. As the effective date approaches, the underwriter and company sit down and decide on the price. This isn't an easy decision: it depends on the company, most importantly, current market conditions. Of course, it's in both parties' interest to get as much as possible. Finally, the securities are sold on the stock market and the money is collected from investors. DIFFERENT INSTITUTION INVOLVED IN IPO CENTRAL BANK COMMERCIAL BANKS CREDIT RATING AGENCIES CREDIT REPORTING AND DEBT COLLECTION FINANCIAL AUTHORITIES INSURANCE COMPANIES MERCHANT BANKS MUTUAL FUNDS SPECIALISED FINANCIAL INSTITUTIONS VENTURE CAPITALISTS
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INTERMEDIARIES The role of intermediary is very crucial for connecting with the public issue. But there are norms which are set by SEBI for the intermediaries. The pre-requisite of the following intermediaries are possession of a valid certificate and registration with SEBI. Merchant Bankers Registrar and Share Transfer Agents Bankers to the Issue Underwriters Stock Brokers and Sub Brokers Depositories MERCHANT BANKERS They play the most vital role amongst all intermediaries. They assist the company right from preparing prospectus to the listing of securities at the stock exchanges. Merchant Bankers have to satisfy themselves about the correctness and propriety of all the information provided in the prospectus. It is mandatory for them to carry due diligence for all the information provided in the prospectus and they must issue a certificate to this effect to SEBI. A Company may appoint more than one Merchant Banker provided Inter-Se Allocation of Responsibilities between the Merchant Bankers are properly structured. UNDERWRITERS Underwriters are those intermediaries who underwrite the securities offered to the public. In case there is under subscription (in short, the company does not receive good response from public and amount received from is less than the issue size), underwriters subscribe to the unsubscribed amount so that the issue is successful. REGISTRAR & SHARE TRANSFER AGENTS They are the person who processes and prepares the basis of allotment of shares to public based on the applications received from the public. They are the persons who handle dispatches of shares certificates and refund orders to the public. BANKERS TO THE ISSUE They are bank who accept application and application money from the public on behalf of the company and transfer it the registrar and share transfer agent. Any refund that has to be made is done through this bank only. STOCK BROKERS & SUB-BROKERS Brokers are the intermediaries who use their contact / sources to invite the public to subscribe for shares issued by the company. These brokers get a commission for inviting the public.
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DEPOSITORIES Depositories are persons who hold the share in the dematerialized form for the public. This makes it easier for the share holder to trade in the secondary market. It also reduces the burden of carrying to deliver it after every transaction SPECIALISED FINANCIAL INSTITUTIONS ICICI (Industrial Credit and Investment Corporation of India)The World Bank, the Government of India and representatives of Indian industry formed ICICI Limited as a development finance institution to provide medium-term and long-term project financing to Indian businesses in 1955.1994 ICICI establishes ICICI Banking Corporation as a banking subsidiary. ICICI Banking Corporation is renamed as 'ICICI Bank Limited1999 ICICI becomes the first Indian company and the first bank or financial institution from non-Japan Asia to list on the NYSE. NABARD (National Bank for Agriculture and Rural Development) National Bank for Agriculture and Rural Development is established as a Development Bank for providing and regulating credit and other facilities for the promotion and development of agriculture, small industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas and for matters connected therewith or incidental thereto. HDFC (Housing Development Finance Corporation)HDFC Securities, a trusted financial service provider promoted by HDFC Bank and JP Morgan Partners and their associates, is a leading stock broking company in the country, serving a diverse customer base of institutional and retail investors.

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ADVANTAGES OF GOING PUBLIC : INCREASED CAPITAL A public offering will allow a company to raise capital to use for various corporate purposes such as working capital, acquisitions, research and development, marketing, and expanding plant and equipment. LIQUIDITY Once shares of a company are traded on a public exchange, those shares have a market value and can be resold. This allows a company to attract and retain employees by offering stock incentive packages to those employees. Moreover, it also provides investors in the company the option to trade their shares thus enhancing investor confidence. INCREASED PRESTIGE Public companies often are better known and more visible than private companies, this enables them to obtain a larger market for their goods or services. Public companies are able to have access to larger pools of capital as well as different types of capital. VALUATION Public trading of a company's shares sets a value for the company that is set by the public market and not through more subjective standards set by a private valuator. This is helpful for a company that is looking for a merger or acquisition. It also allows the shareholders to know the value of the shares. INCREASED WEALTH The founders of the company often have the sense of increased wealth as a result of the IPO. Prior to the IPO these shares were illiquid and had a more subjective price. These shares now have an ascertainable price and after any lockup period these shares may be sold to the public, subject to limitations of federal and state securities laws.

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DISADVANTAGES OF GOING PUBLIC : TIME AND EXPENSE Conducting an IPO is time consuming and expensive. A successful IPO can take up to a year or more to complete and a company can expect to spend several hundreds of thousands of dollars on attorneys, accountants, and printers. In addition, the underwriter's fees can range from 3% to 10% of the value of the offering. Due to the time and expense of preparation of the IPO, many companies simply cannot afford the time or spare the expense of preparing the IPO. DISCLOSURE The SEC disclosure rules are very extensive. Once a company is a reporting company it must provide information regarding compensation of senior management, transactions with parties related to the company, conflicts of interest, competitive positions, how the company intends to develop future products, material contracts, and lawsuits. In addition, once the offering statement is effective, a company will be required to make financial disclosures required by the Securities and Exchange Act of 1934. The 1934 Act requires public companies to file quarterly statements containing unaudited financial statements and audited financial statements annually. These statements must also contain updated information regarding nonfinancial matters similar to information provided in the initial registration statement. This usually entails retaining lawyers and auditors to prepare these quarterly and annual statements. In addition, a company must report certain material events as they arise. This information is available to investors, employees, and competitors. DECISIONS BASED UPON STOCK PRICE Management's decisions may be effected by the market price of the shares and the feeling that they must get market recognition for the company's stock. REGULATORY REVIEW The Company will be open to review by the SEC to ensure that the company is making the appropriate filings with all relevant disclosures.

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FALLING STOCK PRICE If the shares of the company's stock fall, the company may lose market confidence, decreased valuation of the company may effect lines of credits, secondary offering pricing, the company's ability to maintain employees, and the personal wealth of insiders and investors. VULNERABILITY If a large portion of the company's shares are sold to the public, the company may become a target for a takeover, causing insiders to lose control. A takeover bid may be the result of shareholders being upset with management or corporate raiders looking for an opportunity. Defending a hostile bid can be both expensive and time consuming. Once a company has weighed the advantages and disadvantages of being a public company, if it decides that it would like to conduct an IPO it will have to retain a lead

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CASE STUDIES
POWERSOFT GLOBAL SOLUTIONS Power soft Global Solutions Ltd. (PGSL) was originally incorporated in November 1992 as Bhandari Food Flavours Ltd. Its name was changed to the present in March 2000.PGSL provides IT solutions and services like application development, maintenance and integration, software product development, engineering outsourcing, Radio Frequency Identification (RFID) solutions, research and development services and Business Process Outsourcing. It provides business solutions to manufacturing, logistics, retail, consumer electronics, pharmaceuticals, aerospace, defense and utilities industries in North America, Europe and the Asia-Pacific. PGSL is a subsidiary of Nirvann Corp, North America and has also entered into the agreement with Nirvann Corp. to market and promote the services and solutions developed by the company. OBJECTS OF IPO ISSUE To upgrade existing infrastructure facilities with an investment of Rs. 262 lakhs. To set-up an R&D center, an investment of Rs. 80 lakhs To meet the expenses of Overseas Marketing with an investment of Rs.251 lakhs. To meet the costs of strategic acquisitions with an investment of Rs. 3lakhs. To meet the Working Capital requirement of Rs.222 lakhs and the issue expenses of Rs.75 lakhs.

REASON FOR IPO FAILURE The company had made a public issue during 1996 but did not receive the money due on calls and that project failed badly. Against a projected income of Rs. 1300 lakhs in 1999 the company could only earn 7.34 lakhs. The profitability was hit and the company made losses in 1998 and 1999.The Objects of the Issue for which the funds are being raised has not been appraised by any Bank or Financial Institution. Fund requirement is the company estimates and the funds received from the issue will be deployed at the sole discretion of the Management. PGSL, a small player in the IT space with only 70 professionals on rolls, is exposed to intense competition from existing large players as well as global players like IBM and Accenture deciding to enter the Indian market and emulate the Indian business model. Compared to its competitors like 3i InfoTech Ltd., Geodesic Information Systems Ltd., Hinduja TMT Ltd.
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iGATE Global Solutions Ltd., Logix Microsystems Ltd., Onward Technologies Ltd. PGSLs pre issue EPS is the lowest at 1.85 For FY05. Its return on net worth (RONW) as on FY05 is amongst the lowest at 6.05%. Its select peer group RONW ranges from 4% to66.57% and EPS ranges from Rs.4- Rs.10 for FY05. SUN TV Sun TV Network is a Rs 16000-crore (4 Billion $) Indian cable television network based in Chennai, Tamil Nadu, India. Established in 1992, it offers a plethora of television channels in 4 languages covering the whole of southern India. It was the first fully privately owned Tamil channel in India when it emerged in 1992. Its serials and soaps have generated the maximum TRP for viewership all over India, making it the most popular network of channels in India. Till 2007 coupled with the DMK-backed Karunanidhi family, it was the largest political-media family in India till the split in November 2005.All its channels occupy the top spots in their respective languages. Sun TV, in Tamil is the Network's flagship and most popular channel. Being the premier channel, Sun TV is often used to refer to the Sun TV Network in general. Kalanithi Maran is the Chairman and Managing Director of media giant Sun Network and has been given various awards including the CNBC "Business Excellence Award" in 2005.Sun Network also offers FM Radio Stations (93.5 FM) and has recently foray edinto the print business. In addition, it has also recently launched a DTH satellite television service entitled Sun Direct. Sun TV entered the capital market with the public issue of 6,889,000 equity shares of face value of Rs 10 to be issued at a premium. The price band of Rs730-Rs 875, implies a market capitalisation of Rs 5,037-Rs 6,037 crore. After issue, Sun TV's CMD Kalanithi Maran will continue to retain 90 percent of the equity stake in the company. While 60 per cent of the shares on offer have been reserved for QIBs, 10 per cent has been earmarked for non-institutional investors. The remaining 30 per cent is for retail investors. Issue opened on: April 3, 2006Issue closed on: April 7, 2006Price Band: Rs 730-875 REASON FOR IPO SUCCESS Sun TV Network, for instance, got oversubscribed by 47 times and listed at a68% premium. The Sun conglomerate, which started out with a single Tamil channel has steadily branched out into various other media ventures over the past decade. It picked up Kungumam, a weekly magazine, and then bought and turned around Dinakaran, a Tamil daily. Since Kalanithi Maran started his media business 13 years back, he has been fighting against one rival: himself. Now, after years of staying almost unchallenged in the southern region, he is setting himself up for battle in newer markets. He has an expanded war chest of Rs 6.03 billion which he raised through an initial public offering (IPO) of Sun TV Ltd (STL) to pledge his new bet on private FM broadcasting. Also
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in the pipeline is a direct-to-home (DTH) service through Sun Direct TV, a privately held company. Holding 90 per cent stake in STL, Maran is worth Rs 78.28 billion. And the market cap of STL has hit Rs 86.98 billion in a brief span of two weeks, enjoying a 44 per cent premium over its IPO price. In media business, only Subhash Chandra's Zee Tele films has a higher market cap with Rs 110.9 billion. Advertising income was up 24.7 per cent to Rs 889 million in the first half of the fiscal, as against Rs 713 million a year ago. This was the period when Sun's combined audience share for all its Tamil channels (Sun TV, Sun News, KTV and Sun Music) went up from 60 per cent in FY05 to 70 per cent in the first half of FY06. In Kerala, the company's aggregate audience from its Malayalam channels (Surya TV and Kiran TV) rose from 29 per cent to 34 per cent during this period. Analysts also expect Surya TV to put up a better show in FY06, estimating its revenues to touch Rs 450 million. The Malayalam channel, facing stiff competition from Asianet, was raking in close to Rs 300 million. Other channels like KTV have also the potential to stimulate marginal growth. CONCLUSION Thus we have studied about the organisation and various forms of organisations. How the funds can be raised is studied so as to know the effective way of accessing capital for the organisation. The study about IPO and its methods helped us to know the different ways of going for an IPO. Analysis of financial markets helped to know about the various types of markets. The advantages and disadvantages of going for an IPO are studied. Thus the overall knowledge about IPO is gathered.

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BIBLOIGRAPHY

SSF Book

by
Arvind Dhond

capitalmarket.com

wikipedia.org

sebi.gov.in

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