The Nifty and the Sensex have hit record levels and the primary market is buzzing. In calendar 2021, 58 companies have already filed DRHPs, which exceeds the combined tally of IPOs in calendar 2019 and 2020. The number of IPOs can easily exceed 100 in 2021 if this trend lasts. Supportive valuations across sectors have led to a wide variety of businesses targeting IPOs. In this context, our lead editorial
notes that it is rational for businesses to raise cash during this frothy phase. It is even rational for investors to take risks for higher returns. But high valuations for good businesses often go hand-in-hand with high valuations for those who really don’t deserve takers. Read here
India has the opportunity to pioneer a new developmental pathway aligned to the compulsions of a climate-constrained world. It cannot pursue the energy-intensive and mass consumption model of advanced economies, which China adopted as well. There is no room in the world for another China-like major economy, writes Shyam Saran
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