Financial Performance Analysis of IPO’s (Selected Companies)-National Stock Exchange Market


V Mahalakshmi

Assistant Professor, Department of Management Studies, Saranathan College of Engineering, Trichy, Tamil Nadu, India

K Kamaraj

Director, Roever Institute of Management, Perambalur, Tamil Nadu, India

Peer Review Report

Received Date

21.12.2018

Accepted Date

05.01.2019

Published Date

31.01.2019

Plagiarism

Accepted Level

Reviewer’s Comments to Authors

This analytical study has been done to give the financial performance analysis of IPO’s in the selected companies of National Stock Exchange market. The researcher has undergone the study from collecting the information from 30 Initial Public Offerings (IPOs). And the study period covered for the study is January 2014 to March 2016. The study framed to evaluate the performance of IPOs in India with the objectives to find out the performance of Indian IPOs for short period, i.e. from the date of offer to the public to the date of their first day of trading after listing on stock exchange, to measure the long term performance of Indian IPOs including and excluding initial returns and to analyze whether the returns are more in short term or long term for better conclusion.

Major Comments

  1. The researcher has mentioned that the ‘event study methodology’ has been used for the study where there is no any proof of using such methodology and no calculative analysis on the selection of 30 IPOs as sampling population.
  2. In sampling frame there is a word ‘The study includes all the companies which offer public issue as the Initial Public Offerings’ where the sampling population is only 30. So the researcher has to give clear information on:
  • Do the 30 IPOs only offering public issue during the period January 2014 up to March 2016 through National Stock Exchange (NSE)?
  • If yes/no, total number of IPOs listing in the National Stock Exchange during the period January 2014 up to March 2016 with proof. (i.e. official website information/books of NSE)
  1. Source of information for each table calculation is not highlighted.
  2. There is no analysis on long term performance of Indian IPOs including and excluding initial returns as mentioned in the objectives of the study.
  3. The conclusion is not concluding whether the returns are more in short term or long term for better as indicated in the objectives of the study.

Minor Comments

  1. Introduction part of the study is not fulfilling its part. Detailed introduction regarding the title can be given.
  2. Footnote can be given for each review in the part of reviews of related literature. And there is no proper synchronization between the contents and the list of authors.
  3. Results of the previous study has not been highlighted and the use of previous study for the current study is not mentioned anywhere of the study. Some reviews says only the topic of the previous research.

Associate Editor’s Critique

The study has several strengths which highlights important parts need for the study. There is no information on long term performance of Indian IPOs including and excluding initial returns as mentioned in the objectives of the study being the weakness of the study. And it also not give the information on whether the returns are more in short term or long term for better as indicated in the objectives of the study.

Constructiveness of Comments

The review committee has given the constructive comments to the author /researcher.

Level of Detail of the Review

The review is fairly detailed, but the reviewer missed data inconsistence in the required field. There are some corrections to be taken place before the final review.

Substantiation of Comments

The reviewer made comments on the paper with references.

Was The Review Biased?

The study was reviewed under ‘nil’ biased basis.

Recommendation from the Reviewer

I recommend that, this paper be accepted after the above mentioned minor revisions.