Some Thoughts on IPOs - Part 2

This is an extension to the first part of this post. Here are the ones excluded from yesterday's post:

Company	IPO time	Offered Equity	Times Subscribed	Raised Money	Market Cap Today
First Winner Industries	June 2008	31.02%	1.14	68.75 Crore	33 Crore
Niraj Cement Structurals	May 2008	31.42%	1.07	61.75 Crore	54 Crore
Sita Shree Food	March 2008	47.65%	2.41	31.5 Crore	20 Crore
Tulsi Extrusions	February 2008	45.62%	1.83	48.45 Crore	35 Crore
Bang overseas	January 2008	27%	1.13	72.45 Crore	68 Crore
Cords Cable	January 2008	27%	4.63	41.65 Crore	46 Crore
Porwal Auto	December 2007	33.11%	1	37.5 Crore	15.5 Crore
Precision Pipes	December 2007	35.71%	10.59	75 Crore	91 Crore
Kaushalya Infrastructure	November 2007	40.93%	5.884	51 Crore	39 Crore
Renaissance Jewellery	November 2007	37.99%	2.75	79.86 Crore	92 Crore
Dhanus Technologies	September 2007	21.37%	28.29	113.13 Crore	58 Crore
Magnum Ventures	August 2007	46.92%	2.75	52.92 Crore	33 Crore
Alpa Laboratories	July 2007	44.06%	0.945	64.6 Crore	25 Crore
Roman Tarmat	June 2007	25%	29.26	50.75 Crore	59 Crore
Vishal Retail	June 2007	16.85%	76.12	110 Crore	150 Crore
Nelcast	June 2007	25%	7	95.26 Crore	102.5 Crore
Decolight Ceramics	May 2007	42.98%	1.7	43.45 Crore	18.5 Crore
Asahi Songwon	May 2007	30.33%	2.12	33.5 Crore	36 Crore
Abhishek Mills	February 2007	29.27%	1.24	41 Crore	43 Crore

The total money raised by all these companies comes to about INR 3500 Crore. The market value of the same shares today is less than INR 900 Crore, 25% of original investment even after 4 years in some cases. Not just the fractional ownership, the whole companies can be bought today for less than INR 2900 Crore. This surely is just one side of the coin. There were some good issues too, like Educomp, ICRA, etc... which have given decent returns to investors but the risk was not worth taking.