THE RICHIE RICH CLUB
The IPOs have brought a windfall for several promoters
You can’t blame them for wanting to start an airline. Vijay Sankeshwar and Anand Sankeshwar, promoters of VRL Logistics are, after all, among those who have made a fortune as a result of the success of IPOs of their companies. Last year, in April, VRL’s IPO had valued the promoter stake at `1,300 crore. On listing, the value of the stake had risen to `1,862 crore. A couple of months ago, they showed interest in starting a regional airline by diluting 2 per cent stake. The company’s shares plunged. They dropped the plan. As on September 29, their wealth stood at `1,905 crore.
Every bull run leads to the emergence of new billionaires. The current one is no different. Just like the promoters of VRL Logistics, Arvind Lal of Dr Lal Pathlabs, too, has made windfall gains. In fact, listing has nearly doubled his wealth.
Samarth Jagnani, Executive Director, Morgan Stanley Investment Banking, says, “The entire diagnostic and hospital sector in India is valued at around $2 billion. Investors, especially the foreign ones, see huge potential in this space and, hence, are showing interest in a stock like Dr Path Labs.”
Similar has been the case with Dr Devi Prasad Shetty, whose personal wealth through Narayana Hrudayalaya stood at `2,057 crore. A. Velumani’s stake in Thyrocare Technologies is valued around `890 crore, up from `661 crore when the company’s IPO was launched.
But the biggest beneficiaries of listing have been IndiGo’s Rakesh Gangwal and Shobha Gangwal, whose stakes at the current stock price of `899.15 per share are valued around `5,472 crore and `3,134 crore, respectively. The values had surged to as high as ` 8,490 crore and `4,860 crore, respectively.
If a company sticks to its mandate, the market rewards it, but if promoters try to take investors for granted, they are punished, which was visible in case of VRL Logistics. A perfect example is Educomp Solutions, which tried its hands in too many things and lost focus. This saw the company’s market capitalisation plunge from `9,800 crore to the current `142 crore. ~