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The filing of offer documents with the capital markets regulator — Securities and Exchange Board of India — has more than halved this financial year (2022-23, or FY23) as the outlook for new share sales has worsened, following correction in the secondary market.
So far in FY23, 66 companies filed their draft red herring prospectus (DRHP), as opposed to 144 in the preceding financial year (2021-22, or FY22).
Industry players said the initial public offering (IPO) market has taken a turn for the worse after a blockbuster FY22 amid fall in valuations and a cloudy outlook on the US Federal
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