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چکیده
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The purpose of this paper is to survey on managerial Initial Public Offerings (IPOs) attitudes in the case of India stock market during period 2002-2007. It was surveyed 272 IPO companies’ secretaries (CS) and chief financial officers (CFOs) to compare practice to theory in the areas of IPO motivations, timing, underwriter selection, underpricing, and the decision to remain private. It is found out the primary motivation for going public is acquisition purposes. C.S. and CFOs base IPO on raising capital from public for future expansion is the most important motivate. In the case of IPO timing, overall stock market conditions are well followed by industry conditions have received the best ranking. While selecting an investment banker or underwriter, Fee structure and non-equity related services such as advice on M & A are considered two least important factors. It is found out that most IPO mangers from the sample survey do not consciously attach much value to underpricing. Bad market conditions and SEBI’s reporting requirements are the two top most concerns. Fees of the underwriter are not an issue. It was found out the main reason for remaining private is to preserve decision-making control and ownership.
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