Executive Summary

Title - The Effect of the Secondary Market on the Pricing of Initial Public Offerings in India By - !nusha "ansal# P$%M &'())-)*+# ,ai-uria Institute of Management# ,ai-ur Internship - Standard .hartered Securities &India+ /imited Period - 0( days &!-ril )0# '()' to ,une )1# '()'+ This -ro2ect -rovides an em-irical investigation of the role of the secondary market in the -ricing of initial -ublic offerings3 The ob2ective 4as to study the factors leading to under-ricing and their -rominence in various industries3 Em-irical tests conducted on a sam-le of IPOs -rovide insights about this -henomenon3 Ex-loratory 5esearch has been done using secondary data# and regression analysis using dummy variables3 On the basis of study# this -ro2ect argues that incom-lete s-anning of the -rimary issues in the secondary market and limited investor access -lay an im-ortant role in the -ricing of initial -ublic offerings3

The 4ork in the %istribution %e-artment of the com-any as a summer trainee involves contacting brokers and telling them about ne4 IPOs in the market# es-ecially the ones in 4hich Standard .hartered Securities is the lead manager3 The distribution team at the "arakhamba office of Standard .hartered Securities com-rises of t4o -eo-le3 5e-orting is done to Mr3 6rishan %ee- Singhal# .ity Manager# 7orth 5egion# %istribution3 /earning from the internshi- 4as that it is very crucial for a com-any to -rovide after-deal services to its customers and to follo4-u- 4ith them from time-to-time3 It is only then that the customers remain loyal to the brand3