<p>Shiv Nadar University is a comprehensive, multidisciplinary, research-focused, and student-centric University offering a full range of academic programs at the undergraduate, postgraduate and doctoral level. With state-of-the-art infrastructure, the University comprises of academic wings, sophisticated labs, international standard sports facilities, amphitheaters, auditorium, conference rooms and smart classrooms. The University&rsquo;s goal is to become internationally recognized for the quality of its research and creative endeavors and their applicability to improving quality of life, generating new insights and expanding the boundaries of human knowledge creativity. Committed to excellence in teaching, research and service, the University aims to serve the higher education needs of India and the world beyond.</p>

Shiv Nadar University

As financial investors in portfolio companies, venture capital (VC) firms are expected to add value through continuous monitoring and sustained involvement. Such an effort is expected to give VC-backed IPO firms (VC IPOs) an edge over those IPO firms not backed by VCs. We examine such value additions use a comparative analysis of operating and stock performance data of VC IPOs against three groups of non-VC POs. We identified a set of 92 VC IPOs and 182 non VC IPOs. The 182 non-VC IPOs were further subdivided into industry and size groups. While Wilcoxon tests were used to compare the medians of operating and stock performance, panel data regression models were used to establish the impact of VC on those differential performances. We find that the medians of VC IPOs on most operating performance parameters are better than non-VC IPO groups. But the relational tests could not attribute the better performance to VC influence. We conclude that this could be indicative of VCs' superior ability to identify promising ventures and push them toward their maximum potential. This study is one of the pioneering efforts in exploring VC value creation in the Indian context. We also extend the capital market research in accounting to a VC context. © 2015, Institutional Investor, Inc. All rights reserved.

Finance, Accounting and Control

(SME) School of Management and Entrepreneurship

World University root node

Journal of Private Equity

Financial value creation: A comparative study of VC-backed IPOs and non-VC-backed IPOs in India

Finance India

Recent Equity Offerings in Indian Capital Markets: An Analysis

Initial Public Offering (IPO) is a milestone in a corporation's financial strategy. Studies probing this cardinal activity are diverse. While, post–issue stock performance dominates the IPO literature, valuation and pricing and ownership and structuring issues follow later in that order. IPO research found a firm ground in some of the well-established finance theories like signaling theory and capital structure theory. The effect of institutional investors in various aspects of the IPO process is the theme of a relatively new stream of research on public offerings. While most of the studies are done in the context of US, an equally rich set of publications can be found in other contexts too. Unlike who provides the review based on IPO process, this study reviews the literature on ‘IPO as a financial strategy' by integrating the factors like, underwriter selection involving venture capitalist, reducing informational asymmetries and reducing ownership without loosing control.