Trends in Secondary Markets:

BSE Sensex went down by 3.45% to close at 57,261 in November 2021 as against 0.31% up to close at 59,307 in October 2021. Nifty 50 closed at 16,983 by 3.90% lower from 17,672 in October closing. The markets were weighed down by the volatility in the global markets amid concerns over Omicron strain of Corona virus hurting economic recovery.

Foreign Portfolio Investors (FPIs) divested Rs.5945 Crore from the Indian equity markets in the month of November.

Majority of the BSE Indices went down in the month of November. There was a steep fall in metal stocks in November as domestic steel prices witnessed corrections as a result of Chinese export prices while the price of coal had increased. Bankex also saw a correction as the margins of banks and NBFCs are now becoming competitive and while retail loans growth is strong due to housing sector, corporate loan growth is sluggish.

 Primary market Update:

There were 10 main board IPOs of FSN E-Commerce Ventures Limited (Nykaa), Fino Payments Bank Limited, PB Fintech Limited, Sigachi Industries Limited, S.J.S. Enterprises Limited, Sapphire Foods India Limited, One 97 Communications Limited (Paytm), Latent View Analytics Limited, Tarsons Products Limited and Go Fashion (India) Limited in November 2021 as against 2 main board IPOs in October 2021. There were 2 SME IPOs of Omnipotent Industries Limited and Suyog Gurbaxani Funicular Ropeways Limited in November 2021 as against 5 SME IPOs in October 2021.

Initial Public Offers:

Year 2021 saw a flood of IPOs with over 50 companies coming up with IPOs, raising funds close to $15 Billion as the Bull Run in the market provided very attractive valuations. However, performance of the IPOs was quite mixed as many IPOs opened at huge premiums while some also opened at discount. The stark contrast can be very well seen in two IPOs of November namely PayTM and Nykaa.


  • Paytm is an Indian financial services company that offers full-stack payments & financial solutions to consumers, offline merchants and online platforms. It is an Indian multinational that specializes in digital payment system, e-commerce and finance.
  • PayTM came up with India’s largest ever IPO at valuation of $20 Billion. The price band of the IPO was fixed at Rs.2080-2150 per share and amount to be raised was $2.5 billion.
  • The valuations were however steep in eyes of many analysts with company being valued at 26 times the sale of FY23.
  • Paytm shares were listed at Rs.1950 on 18th November 2021, at a discount of 9.3% to its IPO price of Rs.2150 and closed at Rs.1564.15, down 27% on the opening day.


  • Nykaa is a beauty retail platform that sells cosmetic commodities both online and offline. Established in 2012, it is an e-commerce company which specializes in beauty and cosmetic items.
  • The price band of the IPO was fixed at Rs.1085-1125 per share.
  • The company’s IPO raised 53.5 billion rupees through the sale.
  • IPO was listed at premium of 77.87% on opening day.




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This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.

This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction. 

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