Small investors are chasing initial public offerings (IPOs) like never before. Of the past 10 IPOs which have hit the market, five have seen more than a million applications from them. State-owned Cochin Shipyard’s IPO saw nearly two million applications, while the recently concluded one of Godrej Agrovet saw 1.5 million applications in the retail category, meant for investors applying for shares worth up to Rs 2 lakh. Investment bankers say a million applications used to be rare a few years ago, but has become a norm these days.
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