The IPO Mania
A classic indicator of a local top on the market is # of IPOs per month. June witnessed 23-25 listings and in July we already have visibility of over 30 IPO listings across the mainboard and the SME board. That's ~2 new listings every trading day. While India is in a goldilocks situation with all its macros well placed, valuations across the board have remained elevated for a reasonably long period of time. The sub 50,000cr MCap universe especially boasts of really high valuations and investors here would be better off practicing some caution and entry discipline. You know the market is hot when an exchange like
