After hitting a record high in 2023, they have come to a halt, with just three companies opting for such placements totalling ₹235 crore. This compares to eight deals worth ₹648 crore during the same period of the previous year.
Bankers said pre-IPO allotments are opted for by firms with smaller issue sizes to accommodate sticky investments from cornerstone investors.
"In smaller-sized issuances, investors get too little in the anchor because of the size of the deal. And, you try to solve it by doing a pre-IPO. Few do a preIPO when the deal is large as there is enough to give in the anchor. There will be pre-IPO only by exception in large issues," said V Jayasankar, managing director (MD) of Kotak Investment Banking.
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