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19 Nov 2024
Despite geopolitical risks, rising interest rates, and volatile commodity prices, the Indian capital markets have remained one of the best performing among emerging markets in FY24, the Finance Ministry said in its latest monthly economic review for February 2024, highlighting the growth in capital raised by SMEs and corporates.
From April 2023 to February 2024, 345 companies were listed on stock exchanges. Among these, 179 were SMEs that raised Rs 5,381 crore, hitting a new high while 68 were main board companies (raising Rs 58,745 crore), according to the monthly review.
This represents a significant increase compared to the entire FY23 when 272 companies were listed on stock exchanges, of which 125 were SMEs accounting for Rs 2,333 crore and 39 main board companies that raised Rs 52,440 crore.
Data from the Prime Database showed 71 SMEs raised Rs 979 crore in FY22 and 155 SMEs raised Rs 2,225 crore in FY18.
In the first eleven months of FY24, capital worth Rs 98,112 crore (equity + debt) has been raised by the corporates from the primary market through public and rights issuances, higher than the entire previous financial year, the ministry said.
Year-to-date, 20 SMEs raised Rs 764 crore in February in comparison to 8 SMEs listed in April 2023 accounting for Rs 179 crore raised, as per the March bulletin of the Securities and Exchange Board of India ( SEBI).
The S&P BSE – SME IPO Index, which measures the performance of listed SMEs on the BSE SME platform, was 126 per cent up from 23,461.63 from the current financial year beginning to 53,050 at the time of filing this report.
Earlier this month, SEBI Chief Madhabi Puri Buch at an event had indicated the need to bring in additional disclosures to curb price manipulation in SME IPOs and share trading, highlighting instances of price manipulations in certain SME issues based on the feedback received from the market.
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