Despite the market volatility and a negative return of 9.4 per cent on the S&P BSE, the S&P BSE IPO Index has performed better as it was down just by 1.8 per cent in FY16.

However individual stocks turned out to be a mixed bag in terms of individual stock performances, according to Centrum Wealth Research. Of 22 IPOs launched since August 2015, 10 IPOs were up, while 12 were down.

Senior market analyst S.P.Tulsian said that “The success of IPOs also depend on their pricing and many promoters don’t leave anything on the table for investors. In March, markets were up almost 11-12 per cent. Though it may not post a similar growth rate in the following months, the markets are not as pessimistic as analysts tend to paint.\"

“There is a change in the economy with cement, sugar, auto, jute and dyes all doing well. FIIs continue to be buyers, and investments are also happening with companies like Jaypee getting buyers for its 30 million tonne cement plant,” he added.

When secondary markets do well, IPOs normally do well if the pricing is right, said Ambareesh Baliga, independent analyst. At the ground level, the economy is moving whether infrastructure, roads, power ancillaries where construction of towers and power lines are in full swing. Companies like Kalpataru and KEC are flushed with order. FIIs too are back after six months.

Sudip Bandyopadhyay, promoter of Inditrade, is of the view that \"markets have a positive bias and have reason to correct after the steep fall in January and February and will now wait for the credit policy, corporate results and the monsoon.”