India's billion-dollar initial public offerings have delivered uneven returns over the past few years, with several of the country's largest issues leaving investors with heavy losses. SBI Funds Management, which opened its 9,813 crore IPO on Tuesday, will now test whether a profitable market leader with strong parentage can improve that record.
An analysis of 13 large IPOs shows that eight are trading above their adjusted issue prices, while five remain in the red as of July 13. The median return for the group is just over 2%, showing that the gains have been concentrated in a few stocks.
