IPO Market (Part 1)

Zirlai hmasa pathumte khan kan hriat atana pawimawh market concept-te a bulthut atangin min hrilhfiah tawh a nih kha. Chuta tanga zawhna pawimawh tak lo awm chu - Eng vangin nge company-te chuan mipui lei theih turin an share an zawrh chhuah? tih hi a ni ta a, he zir lai ah hian chu zawhna chu chhan kan tum ang a, financial concept tlem azawng kan en tel bawk ang. Hei hian thupui dang kan la zir zel turah a bulfûk atanga hriatthiamna min pe dawn a ni.

Sumdawnna lo pian chhuah dan

Kan thupuia kan luh tak tak hmain sumdawnna bul tan dan i han thlir ho hmasa phawt teh ang. IPO lo chhuah dan a bulthut atanga kan hriatthiam theih nan hemi behchhan hian entirna kan pe dawn a ni. Business leh a funding environment (a inenkawlna tur sum a hmuhna te) than chhoh dan te, eng thilin nge company chu a stock thenkhat hralha, public market-a in-list tura khalh kal thin tih te kan hriatthiam tlân theih nan entirna kan pek tur hi scene hrang hrangin kan then dawn a ni.

Scene 1 - Angel

Entrepreneur pakhat a awm a, thalai mit hîp tur chi organic cotton t-shirt siam chhuah a rilrûk a. Design dangdai tak tak a siam a, cotton quality tha ber chi hmana, man man zawka zawrh chhuah a duh bawk a. A business idea chu a hlawhtling dawn tih a chiang a, sumdawnna bul tan chu a phûr tawh hle a ni.

A bul tannaa a ngaihtuah hmasak ber tur ni ta chu - Engtin nge he sumdawnna bul tanna tur pawisa a hmuh ang? tih hi a ni. He entrepreneur hian sumdawnna lama rahbi a tanna hmasa ber lo ni ta se, a sumdawnnaa invest tur mi lian tak tak a hîp rih hauh lo vang. Chutiang dinhmunah chuan a tih tur chu a chhungkhatte leh thian hnaivaite panin, a sumdawn tum dante chu a hrilhfiah ang a, bul tanna tur sum chu an thawh khawm a rinawm.

Entrepreneur chuan a thiante pahnih chu a sumdawnnaa sumlu thawh ve (invest) turin a hmin thei ta ah lo ngai ta ila, a thiante sum bakah ama sum tlem azawng a thawh ve bawk a. A thian pahnihte hian an thiannu/thianpa hi sumdawnna lamah sulhnu la nei lo mah se, an rin hrim hrim avanga a sumdawnnaa invest an ni. Sumdawnnaah chuan a thian pahnihte hi Angel investor an ti a, an sum thawh hi angel money an ti. Angel money hi loan ni lovin, an thiannu/thianpa sumdawnnaa an investment (peipun, sum thawh) a ni tih hriat reng tur a ni.

Tichuan, entrepreneur (promoter an ti bawk) leh angel-te sum thawh khawm, sum pui chu INR 5 Crore-ah lo ngai ta ila. Sum pui hmasa ber, sumdawnna tanna tura an thawh khawm hi 'Seed Fund' an ti a, 'Friend & Family round' te pawh an ti bawk. Hriat reng tur chu Seed Fund hi entrepreneur bank account (a mimal account) ah ni lovin, company bank account-ah a awm tur a ni.

Angel funding hi thiante emaw, chhungte emaw atanga hmuh kher a ni lo va; hma hun thlira sumdawnna puitling ni thei tura an hriat, puih tlâka an ngaih company-a pawisa invest thin professional angel investor an awm ve bawk.

Seed investment hmasa ber an tih rual chuan investor hmasa pathumte (promoter leh angel investor pahnih) chu share certificate pek an ni ang, hei hian company-ah neitu nihna an nei ve tih a entir. Hetih laia company-in asset (hlutna nei thil) a neih chu pawisa fai chauh a ni rih a. Chuvangin, company hlutna (valuation) chu pawisa faia an neih zat chiah kha a ni mai. Tuna entirna kan pekah hi chuan company hlutna chu 5 crore a ni. Company hlutna chu pawisa fai an neih bakah an business idea pawh chhût tel tur a ni a; chuvangin an valuation chu 5 crore aiin a tam tiin a hnial theih ang, mahse chu lam chu kan sawi thûk rih lo vang.

Company chuan a share pakhat hlutna chu ₹10 in lo chhût ta sela, share capital-ah ₹5 crore a neih avangin share chu 50 lakh a awm ang a, share tin hlutna chu ₹10 a ni ang. ₹10 chu share 'Face Value' (FV) tiin an sawi thin. Investor-te venhim nana SEBI DIB guidelines-in a bituk ang zelin Face Value chu share pakhatah ₹1 atangin ₹10 aia tam pawh a ni thei. Chutiang zelin, FV chu ₹5 a nih chuan share awm zat chu 1 crore a ni thung ang.

Seed Fund a neih tâk avangin promoter chuan sumdawnna chu a kalpui tan ta a. Fimkhur takin a che a, a mamawh ang thiamna nei thawktu a ruai a, a thawhna hmunin a mamawh ang kalphung a din bawk a, t-shirt quality tha tak siam chhuah hna chu a tan ta a. Hetih hun lai hian entrepreneur chuan t-shirt siamna hmun (manufacturing unit) pakhat leh a t-shirt siamte mipui hmuha a pho chhuahna tur dawr (retail outlet) pakhat a nei a ni.

Scene 2 - Venture Capitalist

Rim taka a thawhna chuan rah chhuahin a sumdawnna chuan mumal takin sum a hâi lut ve tan ta a. A din tirh atanga kum hnihna kum tawp lamah company chuan break even (sum lut leh chhuak intlukna) a thleng ta bawk a. Promoter chu bul tan tîr (rookie) mai ni tawh lovin, a thil tawnte chuan hriatna thûk zawk a pe a, mahni inrintawkna pawh a nei tawh hle. A sumdawnna tihlena, manufacturing unit pakhat bakah khawpui chhung hmun hrang hranga dawr siam belh chu a rilrûk ta a. Business plan siamin a sumdawnna tihlenna atana investment a mamawh zat chu INR 7 crore-in a chhût bawk a.

Kum hnih liam taa a dinhmun nena khaikhinin a danglamna lian tak chu a sumdawnna chuan revenue (hlawkna) a pe tawh a, dinhmun tha zawkah a ding tawh a ni. Hetianga revenue mumal taka lo lut reng hian a business leh a thil siam chhuahte chu a hlâwk thawkhat a ni tih a tichiang awm e. Entrepreneur chuan peipung tur fing leh thiamna sang zawk neite chu a sumdawnnaa invest (nei tu nihna nei) turin a hîp tan ta bawk a. Hetiang sumdawnna rahbi kai thar tîra investment tite hi Venture Capitalist (VC) tiin an sawi a, hetih hun laia sumdawnnain investor atanga pawisa a dawnte chu Series A funding an ti bawk.

Entrepreneur chuan a sumdawnna tihlenna atana a mamawh zat 7 crore chu a hmu tawhah ngai ta ila, sumdawnnaa investment thar a luh chiaha thil thleng thin tlângpui chu -

Promoter share neih zat (quantity) a tlahniam thin.
Business valuation (hlutna) a pung thin.
Investor hmasaten (entirna kan pekah chuan angel pahnihte kha) an pawisa an invest atangin hlawkna an hmu thin.

Business-a VC sum a rawn luh chuan company hlutna a lo pung ang a, investor hmasate hausakna a pung bawk ang tih a lo chhût lawk theih a nih chu.

Kan entirna pek kha han chhunzawm leh ta ila, promoter chuan a sumdawnna tihlenna atana a sum pui mamawh zat chu a hmu ta a. A ruahman lawk angin manufacturing unit thar pakhat leh khawpui chhung hmun hrang hrangah dawr thar a hawn belh bawk a. An product chu miin an lo hre tial tial a, a lar telh telh a, an sum lakluh pawh a sang tawh hle. Thawktute pawh an professional tawh hle a, hun leh tha senso tlem zawkin hlawkna tam zawk hmu turin hna an thiam tawh bawk, chu chuan hlêp tha zawk a pe zel bawk a.

Scene 3 - Banker

Kum thum a liam leh meuh chuan company chu a hlawhtling hle tawh. Khawpui hmun hrang pathumah tal dawr hawn belh an rel a, chumi tur chuan a t-shirt siam chhuah theih zât tihpuna, a hnuaia thawk tur rawih belh a ruahman bawk. Hetianga company-in a sumdawnna pumpui tihhmasawnna atana a senso hi 'Capital Expenditure' emaw, 'CAPEX' tiin an sawi thin.

Management team chuan CAPEX atan 40 crore an mamawh dawn niin an chhut a. Engtin nge company chuan heti zat sum hi a hmuh theih ang a, engtin nge a CAPEX mamawh zat hi a khawn khawm tâk ang tih chu a ngaihtuah a lo tul leh ta a.

Company-in CAPEX a mamawh zat a hmuh theih dan hi kawng hrang hrang a awm a, chungte chu:

Company chuan kum kalta chhung khan profit (hlawkna) engemaw zat a lo nei tawh a; chuta tang chuan a CAPEX mamawh zat tlem azawng chu a sik chhuak thei ang. Hei hi internal accrual (company-in sum a thawhchhuahte dividend-a sem chhuak mai lova, sumdawnna tihlenna atana hman tura a dah hrante) atanga sum hmuh a tih theih bawk.
Company chuan VC dang a pan leh thei a; share thenkhat pe chhuakin VC funding round dang a siam leh thei, hei hi Series B funding an ti thin.
Bank-ah loan a dil thei. Company chu a sumdawnna a kal tluang thawkhat bawk a, bank chuan loan a pe chhuak hreh hauh dawn lo. He a loan lâk hi 'Debt' an ti bawk.

A chunga kan sawi tâk kawng thumte hmang hian company chuan CAPEX atana a sum mamawh chu a la khawm turah lo ngai ta ila. Internal accrual atangin 15 crore a la chhuak a, Series B funding a ruahman a - hetah hian VC dang hnenah equity (neitu nihna) 10 crore hu a hralh, bank atangin debt 15 crore dang a hmu leh bawk a.

Series B atanga funding a lo luh leh avang khian company hlutna chu 10 crore-in a san phah leh ta a. Hetianga company valuation a lo sân hian, investor hmasa zawng zawngten hlawkna an nei vek dawn tih a chhut theih kan tih tawh kha lo chhinchhiah ila. Tin, kum tam tak chhunga company-in hausakna (wealth) a siam chhuah tawh hi eng zât tak ni ang maw tih hi han ngaihtuah tel bawk ila. Business idea tha tak nei sumdawng mi leh management team chak tak nei sumdawnna kal kawp chuan kan sawi tâk ang hlawhtlinna hi a lo siam reng a ni.

Hetianga sum siam chhuahna lama company hlawhtling, bul tanna ngaihnawm tak tak neite chu Infosys te, Page Industries te, Eicher Motors te, Titan Industries te, Bajaj Finserve te, HDFC Bank te hi an ni. Tin, khawvel huap pawhin Google te, Apple te, Amazon te leh a dang tam tak sawi sen loh a awm thei ang.

Scene 4 - Private Equity

Kum a liam leh meuh chuan company chu a lo thang leh tawh hle a, kum 8 laia upa a lo ni tawh bawk a, hmachhawp pawh a nei lian chho hle. Beiseina tisang chho zelin ram pum huapin branch neih an rilrûk ta a. An sumdawnna huang pawh zauh zelin t-shirt mai piah lamah incheina tlereuh leh cosmetics-te, perfume-te an siam chho ta zel bawk a.

An sumdawnna huang zauhna atan hian CAPEX an mamawh zat pawh 60 crore a ni ta hem mai. Company chuan debt neih/loan lâk an duh ta lo bawk a, hei hi a chhan chu interest rate - finance charge an tih bawk - in company-a hlawkna lo lut tam tak a lâk hêk thin vang a ni. Entir nan, company-ah profit ₹100 lo lut ta sela, ₹20 chu finance charge-ah chhuak leh ta se; an hlawkna chu ₹80 ah a tla thla dawn tihna a ni. Hemi chungchang hi Fundamental Analysis kan khawih hunah chipchiar zawkin kan sawi leh dawn nia.

Company chuan Series C funding nei leh turin thu an titlu ta a. VC funding hi a tlângpuiin a tlem deuh a, crore tlemte chauh a tlin thin avangin Series A leh B ang khan VC pan theih a ni ta lo va. Hetah hian Private Equity (PE) te an lo lut ve ta a ni. PE chu VC aia û deuh hret kan ti thei ang chu. Kan hriatthiam tlân zawk nan an inan lohna tlem han tarlang tel ila -

VC chuan sum tam vak lo an invest thin a, PE chuan sum hlawm lian tak an invest thung.
VC chuan sumdawnna bul tan tîrah an invest thin a, risk pawh an la sang zawk. PE chuan sumdawnna lian leh puitling tawhah an invest thin a, an risk lak pawh VC nena khaikhin chuan a tlem zawk.
PE chuan investment an tihna company board-ah thut hmun (seat) an nei ve a, company hmalakna leh an hnathawhte an vil zui thin.
PE investor-te hi mi fing leh thiamna sang nei, professional background nei tha tak tak awm khawm an ni a. An sum tam tham tak chu company tana tangkai thei ang bera hman a nih theih nan an invest thin a, a mamawh ang zela thurâwn pe turin an mi leh sa te chu an invest-na company thuneitu rual thutna board-ah an thuttir ve thin.

A tlangpui thuin PE hian CAPEX lian tham tak mamawhah an invest thin a. Sumdawnna bul tan tîr tê ah an invest ngai lo; sumdawnna rei tâwk tak lo kalpui tawh leh sum lâk luhna nghet leh changtlung nei tawh company-a invest chu an thlang zawk thin. CAPEX atana PE-in sum a thawhte a hmanna tur ang anga hman chhuah chhung hian a kuma kum te a awh ve thin bawk.

Tichuan, company chuan Private Equity company hmangin fund a hmuh hnuah chuan a sumdawnna chu a zauh ta a.

Scene 5 - IPO

PE in sumlu an thawh ve atanga kum 5 a liam leh chuan company chu a thangduang leh tawh hle, an product portfolio (sumdawnna bungraw hrang hrang) pawh a thang chho zel a, ram chhunga khawpui lian zawng zawngah chuan hmunhma an nei thluah tawh bawk. Sum lâk luhna a tha a, hlâwkna lo lut pawh a nghet charh a, investor-te pawh an lungawi tlâng hle. Promoter erawh chuti maiin an tûn dinhmunah chuan lungawi a tum rih lo thung.

Chutia an than zel tâkah chuan promoter chuan ramchhung mai ni lo, khawvel ram zau zawk huapa inzâr pharh a duh ta a! Company chuan khawvel ram hmun tina khawpui lian zawng zawngah chuan inhralh chhuahna hmun pahnih tal nei turin tan a la leh ta a ni.

Tichuan, company chuan hmun an sawhnghehna tur ram dangte chu, a ram mite dinhmun zir chianna turin market research an kalpui a ngai ta a, a ram mi ngei hnathawktu an rawih a lo ngai bawk a, an product siam chhuahna (manufacturing unit) an tihlen a lo tul ta bawk a. Heng bakah hian, khawvel hmun hrang hrangah hmun zau tâwk tak an mamawh bawk a. Heng zawng zawng daih tur CAPEX an mamawh zat chu turu tak tur a ni; management team chuan an sum mamawh zât tur an han chhût leh a, 200 crore-ah an khung ta a. CAPEX mamawh zât nei tur hian company-in duhthlan tur a neihte chu -

Company-in a sum lâk luh atanga a inenkawlna tura a dah that - internal accrual - atanga sum lâk chhuah.
PE investor thar hui khawm nâna Series D funding siam.
Bank hrang hrang atanga loan lâk.
Bond hralh chhuah (hei hi loan chi khat a ni).
IPO (Initial Public Offer) an file thei. A awmzia chu mipui vantlang te hnena company share hralh dilna thehluh a ni.
A chunga kan sawi tâk zawng zawngte hmangin.

Company chuan CAPEX a mamawh zât thenkhat chu internal accrual atanga lâk chhuaha, a bâk zawng chu IPO atanga hmu chhuak turin thuthlûkna a siam ta a. Company-in IPO dilna a thehluh hian, a share chu vantlang mipui lei theih turin a zawrh chhuah a ngai a. Share man bituk zât angin mipui chuan (an duh a nih chuan) company share chu an lei thei ang. Vantlang hmaa company-in an share an zawrh chhuah tum khatna a nih avangin hei hi 'Initial Public Offer' an ti thin.

Zawhna thenkhat chhan ngei ngei ngai lo awm ta chu -

Eng vangin nge company chuan IPO dilna a theh luh? Engatinge mipui lei theih tura share an zawrh chhuah tâk?
Engatinge Series A emaw, B emaw, C emawa an awm lai khan IPO an file mai loh?
IPO a tlang chuan share lo nei tawh sâ pawl leh mi malte (shareholder-te) chungah eng thil nge thleng thei?
IPO-a share an lei dawn hian mipuite hian eng te nge an en ber?
IPO chu eng tiangin nge an kalpui thin?
IPO bazar-ah chuan market-a palai hna thawkte zingah tute nge inrawlh ve?
Mipui hnena company-in a share a zawrh hnuah chuan eng nge thleng zui thin?

Zir lai la awm turah a chunga zawhna hrang hrangte bakah khian, zawhna awm thei dangte pawh kan chhang zel ang a, IPO bazar chungchang hi thûk zawkin kan hrût leh bawk dawn nia. He zir lai atang hian eng thilin nge company chu IPO hmanga pawisa siam tura khalh kal thin tih kan hrethiam turah kan beisei.

He zir lai atanga thil pawimawh kan zir te

Company-in a share a zawrh nachhan hriatthiam hmain, sumdawnna bul a tan dan hriatthiam a tul hmasa.
Hlawkna i hmuh hmaa i sumdawnnaa invest-te chu Angel Investor an ti.
Angel investor-te risk lakna chu investor dangte nena khaikhinin a sang fâl hle a. Promoter nen an risk lak dan hi a intluk deuhthaw a ni.
Sumdawnna bul tanna atana angel investor-ten sum an pek chhuah chu seed fund an ti.
Angel-te sum invest chu a tlem hle.
Company valuation chuan company chu eng tiang taka hlu nge a nih a entir. A asset (thil neih hlutna) te, a leiba (liabilities) neih te leh hma hun thlira a than dan tur rin lâwkna atanga teh a ni.
Face value chuan share pakhat hlutna a entir. FV hi share hlutna chhut lâwkna an ti bawk.
Company-in a sumdawnna huang zauhna atana sum a hman ral chu capital expenditure emaw, CAPEX emaw tiin an sawi thin.
Series A, B leh C funding-te hi sumdawnna than chhohnaa company-in sum leh paia tanpui tura a mamawhte an ni. A tlangpui thuin company-in series thar a kâi apiangin a hlutna a sang zel thin.
Company sum mamawhna a sân tak tak tawh chinah chuan VC-ten an invest ngai lo, hetih hunah hian company chuan investment ti turin Private Equity firm-te a be thin.
PE firm-te chuan sumdawnna puitling deuh tawh chinah chauh an sum hlâwm lian tak chu an invest thin.
VC leh Angel-te nena khaikhinin PE risk lâk ngamna chu a hniam zawk hle.
PE investor-te chuan an pawisa invest-na company hotute zinga thu tur an mi leh sa an dah thin a, chu mi chuan company chu sumdawnna kawngah thurâwn pêin, a kalna tur kawng a kawhhmuh thin.
Sumdawnna, sum lâk luhna leh hlâwkna a lo punin company hlutna pawh a pung thin.
IPO chu company-in mipui sum hmanga sum a siamna a ni. An sum siam nachhan chu eng vang pawhin a ni thei - CAPEX atan te, ba rulh nan te, shareholder-te lawmman atan te leh adt.