Cos raise Rs 2,400 crore via 12 IPOs in Q4 2019: EY

New Delhi: Indian companies raised Rs 2,400 crore through 12 initial public offers in the fourth quarter of 2019, with the domestic stock exchanges being ranked seventh globally in terms of number of IPOs, according to a report.

Overall in 2019, 62 IPOs came in with total mop up of Rs 17,899 crore, a decrease of 62 per cent in volume and 54 per cent fall in terms of proceeds, EY India IPO Trends Report: Q4 2019, said on Thursday.

Consumer products and retail sector was the most active with four IPOs, followed by banking and capital markets with three such offers and diversified industrial products with two public offers, it said.

"India recorded 12 IPOs in the fourth quarter of 2019," the report noted. In the main market, there were four IPOs in Q4 2019 against two and six in Q4 2018 and Q3 2019, respectively, it added.

However, with the cuts in corporate tax rates, corporate earnings are expected to increase, the EY India report said.

"The government has already announced stimulus packages for automobile, real estate, telecom and financial services sectors, which may help companies achieve growth.

In addition, there has been an increased inflow from foreign portfolio investors (FPIs)," it added.