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Observations:

1. The ongoing turmoil in capital markets has been impacting IPO markets severely. The bad mood of capital markets have

led 25 companies to call-off their IPOs during this 2011 calendar year. The probable amount that these 25 companies were

planning to raise was to an aggregate of Rs 31,000 Crores.

2. All these 25 companies had valid SEBI approval in hand for their IPOs. Even then, couldnt open their IPOs within the

validity period of one year from the date of SEBI approval.

4. Besides these companies, few companies have already announced IPO deferrals even though approval for SEBI validity

for their IPOs still remain. For instance, Micromax has already annoucned IPO deferral, owing to the market conditions.

5. Further, there are atleast 10 other companies who have valid SEBI approval in hand and are left with just 2 months in their

validity period of one year from the date of SEBI approval. Such companies include Pride Hotels, Tara Jewels, etc.

7. Further, this trend in IPO market will surely set panic in the minds of the Private Equity (PE) funds, as they will be unable to

exit from their investments as they generally invest in unlisted companies in the hope of exiting through IPOs. Some such

companies are Lavasa Corporation (the investors were Axis Bank, ICICI Bank), BPTP Limited ( the investor was JP Morgan (

through Harbour Victoria Investment), One97 communications (the investors were SAIF Partners, Intel Capita, Silicon Valley

Bank, SAP Ventures), Micromax (the investors were TA Associates, Sequoia Capital India, Sandstone Capital, Madison India

Ca ital , You Broadband the investors was CVC , Avantha Power the investor was KKR , IND Barath Power the investors

6. This surely will impact the Indian corporate's ability in fund raising to finance their expansion projects resulting in slow down

in capacity building and job creation.

3. Of these 25 companies, the list was largely featured with real estate companies and power companies. The list of realestate companies that called off IPOs include Lodha Developers, Ambiance Real Estate, Kumar Urban Developers, Neptune

Developers, BPTP, Raheja Universal and Lavasa Corporation. The list of power companies that called off IPOs include

Sterlite Energy, Jindal Power, Avantha Power and IND Bharat Power Infra. Other major companies include Reliance Infratel,

Glenmark Generics, Gujarat State Petro Corp, One97 Communications.

Jagannadham ThunuguntlaStrategist & Head of Research, SMC Global Securities Limited

Contact Number: +91 9711424809

Prospectuses for which SEBI Clearance Received

Sr. No. Company Approval Date Valid Till

Indicative IPO

size

(Rs. Crores) Status

1 Reliance Infra Tel Limited 11-Jan-10 11-Jan-11 5000.00 Expired

2 Lodha Developers Limited 21-Jan-10 20-Jan-11 2500.00 Expired

3 AMR Constructions Limited 29-Jan-10 28-Jan-11 145.28 Expired

4 PNC Infratech Limited 2-Feb-10 1-Feb-11 175.00 Expired

5 Ambiance Limited 4-Feb-10 3-Feb-11 1293.00 Expired

6 PCI Limited 19-Feb-10 18-Feb-11 48.46 Expired

7 Ankita Knitwear Limited 26-Feb-10 25-Feb-11 25.00 Expired8 Glenmark Generics Limited 8-Mar-10 7-Mar-11 570.00 Expired

9 Kabirdass Motor Company Limited 9-Mar-10 8-Mar-11 60.00 Expired

10 Kumar Urban Development Limited 22-Mar-10 21-Mar-11 320.00 Expired

8. Further, the government's disinvestment program which was supposed to bring public issues of several blue-chip PSUs

couldnt take off. If the government is not getting enough confidence to bring FPO for ONGC, how will the promoters of any

smaller companies stick their necks out? This is surely impacting the confidence of the promoters of the smaller companies.

9. From the retail investors point of view, the long-awaited money-making IPO dream is remaining to be just a dream.

, , ,

were CVC, Sequoia Capital, Bessemer Venture Partners, UTI Ventures) etc.

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11 Sterlite Energy Ltd 5-Apr-10 4-Apr-11 3000.00 Expired

12 Neptune Developers Limited 29-Apr-10 28-Apr-11 378.16 Expired

13 BPTP Limited 3-May-10 2-May-11 1500.00 Expired

14 Gujarat State Petroleum Corporation Limited. 10-May-10 9-May-11 3067.16 Expired

15 Asian Business Exhibition & Conferences Ltd 14-May-10 13-May-11 79.41 Expired

16 Jindal Power Limited 28-May-10 27-May-11 7200.00 Expired

17 Avantha Power & Infrastructure Limited 6-Aug-10 5-Aug-11 1250.00 Expired

18 ICOMM Tele Ltd 13-Aug-10 12-Aug-11 200.00 Expired

19 Virgo Engineers Limited 1-Sep-10 31-Aug-11 340.50 Expired

20 Raheja Universal Ltd. 3-Sep-10 2-Sep-11 864.00 Expired

21 Sel Textile Limited 9-Sep-10 8-Sep-11 102.16 Expired

22 Greatship (India) Limited 6-Oct-10 5-Oct-11 328.35 Expired

23 IND-Barath Power Infra Limited 11-Oct-10 10-Oct-11 1140.00 Expired

24 One 97 Communications Limited 25-Oct-10 24-Oct-11 120.00 Expired

25 Lavasa Corporation Limited 11-Nov-10 10-Nov-11 1663.31 Expired26 Sumatex Limited 1-Dec-10 30-Nov-11 38.24

27 You Broadband & Cable India Ltd 13-Dec-10 12-Dec-11 360.00

28 Endurance Technologies Limited 14-Dec-10 13-Dec-11 460.00

29 AGS Transact Technologies Limited 31-Dec-10 30-Dec-11 170.00

30 Tara Jewels Limited 4-Jan-11 3-Jan-12 50.00

31 Pride Hotels Limited 13-Jan-11 12-Jan-12 125.00

32 Micromax Informatics Limited 14-Jan-11 13-Jan-12 426.04 IPO Deferred

33 Betul Oil Limited 19-Jan-11 18-Jan-12 100.00

34 Marck Biosciences Limited 2-Feb-11 1-Feb-12 55.34

35 Tijaria Polypipes Limited 8-Feb-11 7-Feb-12 110.00

36 Tara Health Foods Limited 9-Feb-11 8-Feb-12 160.00Total probable fund raising through IPO 33,424.41

SMC Global Securities Limited

Corporate Office

Thank You

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Pusa Road New Delhi - 110005INDIA

Tel: +91 011 2582 6706/ 2586 3648Fax: +91 11 2586 3606

www.smcindiaonline.com

Contact: Jagannadham Thunuguntla, Strategist & Head of Research

Mobile: +91 97114 24809, +91 96509 88002, +91 93120 63677

E-mail: jt@smcindiaonline.com

Disclaimer : This report is for information purposes only. Due care has been taken in compilation of the report to ensurethat the information is accurate to the best of our knowledge and belief. The information contained in the report has beenobtained from reliable and publicly available sources. SMC Global Securities Ltd, makes no representations orwarranties regarding the accuracy or completeness of such information and expressly disclaims any and all liabilitiesbased on such information or on omissions there from.