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| However, S Subramanian of Enam Financial Consultants is less worried on that score this time around. |
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| Thus, while he agrees that the run up in the stock markets has done wonders for the confidence of companies planning IPOs, he is sure that most of the money-raising will be done by quality issuers. |
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| The number of doubtful cases has reduced dramatically due to the measures taken by Sebi. In fact, fly-by-night cases that plagued the markets not so long ago have almost become a thing of the past. |
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| Subramanian is gung-ho about his pet sectors - IT and banking. The latter is expected to continue its heady rise. |
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| Ask him about the Uco Bank IPO, of which Enam was one of the lead managers, and Subramanian says the bank has benefited by broadening its exposure limits across industries and geography. |
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| He feels that the management has really made a difference to the bank. "The quality of management is paramount to the performance of any organisation and Uco Bank chairman V P Shetty has done a very good job," he says. |
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| He says Vijaya Bank is another bank which has got its act together and predicts that there is a lot of upside to be seen in the sector. |
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| As for IT, Subramanian feels that there is much more to the industry than merely much improved corporate results. "The IT industry looks (set) to surpass itself in times to come. However, this period will also separate the men from the boys," he says. But what about margin pressures? |
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| Subramaniam responds by saying that ultimately it will depend on the ability of companies to maintain billing rates and keep utilisation levels at optimal levels to maximise returns. |
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| An IIM, Ahmedabad, graduate, Subramanian has been with Enam for close to two years and hisprevious stints include those at DSP Merrill Lynch, ABN Amro and UBS Warburg. |
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| An avid reader of both fiction and non-fiction books, Subramanian also has a passion for travel. His recent sojourn had been to the picture-perfect Bhutan. |
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| The Uco Bank IPO has not been without its share of controversy. There were reports that a large number of investors received (unasked for) physical share certificates instead of credits to their depository accounts. |
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| To clear the air, The Smart Investor met up with C B Bhave, managing director, National Securities Depository Ltd (NSDL). Bhave says that NSDL has credited about 3,40,000 accounts in the demat form, which is a substantial chunk of the IPO. |
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| "Ideally, there should not be any allotment in physical form but there have been some cases where investors do not have a demat account or may not have supplied their depository and client IDs, which is why they may have got physical delivery," he says. |
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| However, the number of physical shares allotted seems too large, if that is the criteria on which physical allotments were made, he adds. |
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| But that apart, Bhave says he is satisfied by the 'excellent' progress that NSDL has made since its inception. |
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"In 1996, there was apprehension about retail investors clinging on to physical shares and not accepting the demat process,
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