What is the Public Funding?

नमस्कार! मित्रांनो आपण आज या लेखात पब्लिक फंड बद्दल जाणून घेणार आहोत.

स्वतंत्र उद्योग हा सुरू करताना किंवा केल्यावर त्यांना त्या उद्योगाचा विस्तार करण्यासाठी सर्वात महत्त्वाची एक गोष्ट  पाहिजे ती म्हणजे भांडवल.भांडवल हे एकतर बँकेकडून कर्जाच्या स्वरूपात मिळवता येते किंवा कंपनीच्या समभागाची म्हणजेच स्टॉक इन्व्हेस्टर कडून मिळवू शकते.तर यापैकी जास्तीत जास्त उद्योजक हे समभाग म्हणजेच स्टॉक मार्केटला पसंद करतात.

What Is IPO ?

आईपीओ म्हणजे काय?

आईपीओ म्हणजे इनिशिअल पब्लिक ऑफेरिंग.

कंपनीचे भांडवल वाढवण्यासाठी स्टॉक एक्सचेंज वर नोंदणी करत असताना कंपनी स्वतःचा कॉमन स्टॉक हा बाजारात पब्लिक साठी उपलब्ध करून देते त्यालाच आईपीओ असे म्हणतात.प्रत्यक्ष गुंतवणूक करण्यासाठी आईपीओ ही खूप जोखमीचे गुंतवणूक ठरते.भविष्यातील स्टॉकमध्ये ही कामगिरी करेल ज्याच्या व्यवसायाच्या सुरुवातीच्या दिवसाबद्दल अंदाज करणे कठीण असते आणि कंपनीचे विश्लेषण करण्यासाठी पुरेसा डेटा उपलब्ध नसतो. अशा कंपन्या आहेत ज्या तात्पुरत्या विकासासाठी जात आहेत, म्हणून त्यांच्या भविष्यातील मूल्याच्या बाबतीत अनिश्चितता असते.त्यामुळे ही गुंतवणूक बद्दल अनिश्चितता जोखीम असते.

Rule Of the IPO

भारतामध्ये स्टॉक एक्सचेंजवर नियंत्रण ठेवण्यासाठी सेबी कार्यरत असते.त्यामुळे आईपीओ साठी सेबी ने काही पात्रता निकष लावले आहेत.

ते पुढीलप्रमाणे,

SEBI has stipulated the eligibility norms for companies planning an IPO which are as follows:

Entry Norm I (Profitability Route)

a) Net tangible assets of at least Rs. 3 crore in each of the preceding three full years of which not more than 50% are held in monetary assets. However, the limit of 50% on monetary assets shall not be applicable in case the public offer is made entirely through offer for sale.

b) Minimum of Rs. 15 crore as average pre-tax operating profit in at least three years of the immediately preceding five years.

c) Net worth of at least Rs. 1 crore in each of the preceding three full years.

d) If there has been a change in the company’s name, at least 50% of the revenue for preceding one year should be from the new activity denoted by the new name

e) The issue size should not exceed 5 times the pre-issue net worth

Alternative routes

To provide sufficient flexibility and also to ensure that genuine companies are not limited from fund raising on account of strict parameters, SEBI has provided the alternative route to the companies not satisfying any of the above conditions, for accessing the primary market, as under:

Entry Norm II (QIB Route)

Issue shall be through book building route, with at least 75% of net offer to the public to be mandatory allotted to the Qualified Institutional Buyers (QIBs). The company shall refund the subscription money if the minimum subscription of QIBs is not attained.

For FPO’s

A listed issuer making a public issue (Further Public Offer i.e. FPO) is required to satisfy the following requirements:

(a) If the company has changed its name within the last one year, at least 50% revenue for the preceding 1 year should be from the activity suggested by the new name.

(b) The aggregate of the proposed issue and all previous issues made in the same financial year in terms of issue size does not exceed five times its pre-issue net worth as per the audited balance sheet of the preceding financial year.

Any listed company not fulfilling these conditions shall be eligible to make a public issue (i.e. FPO) by complying with QIB Route as specified for IPOs i.e. issue shall be through book building route, with at least 75% to be mandatory allotted to the Qualified Institutional Buyers (QIBs).

There is no entry norm for a listed company making a rights issue.