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Venkat Ramaswamy of Edelweiss Financial Services Views on State of Market

Venkat Ramaswamy of Edelweiss Financial Services has expressed his views on current fall in stock market and his views are as appended below:

Not in the sense that I think the market was looking for a high quality good issue to come about. Reality is that MCX is a very unique story because other exchanges all over the world are at best duopolies. MCX has very strong financials, and if you look at the share holding pattern, it is more than 40% owned by public sector banks. Pricing was in our opinion quite optimum and it left enough on the table for new investors and yet did not give raw deal to the selling share holders, because as you know it was a 100% off of a sale IPO. What I am obviously most heartened by is the extent of public subscription, especially retail subscription which was oversubscribed more than 24 times. I do believe that is a good sign for the market.

Verdict

The current fall can be attributed to MCX IPO which has sucked in the liquidity from the stock market.

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