Title: Acquisition motivated IPOs: the Indian evidence

Authors: Sonia Garg; Ajay Garg

Addresses: LM Thapar School of Management, Thapar University, Patiala, India ' Indian Institute of Management, Lucknow, India

Abstract: This paper attempts to study the takeover activities of newly public (IPO) Indian firms using a two-pronged approach. Firstly, it investigates the role of an IPO firm in the post IPO M&A market as a target and/or as a bidder. Secondly, it examines the acquisition activity of IPO firms around the IPO period. The results of this study point out that Indian IPO firms have a higher propensity to enter the post IPO M&A market as acquirers rather than targets. Further results indicate that the number of acquisitions made by IPO firms increase dramatically in the post IPO period across industries.

Keywords: initial public offerings; IPOs; mergers and acquisitions; M&A; India.

DOI: 10.1504/IJICBM.2019.099280

International Journal of Indian Culture and Business Management, 2019 Vol.18 No.3, pp.320 - 329

Received: 31 Jan 2018
Accepted: 01 Sep 2018
Published online: 24 Apr 2019 *

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