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MSME & START-UP BULLETIN, VOLUME 1, ISSUE 1, AUGUST 2022

IMPACT OF CSR ON SME IPOS

PERFORMANCE IN INDIA & FUTURE

OF FUNDRAISING OF SMES THROUGH

INITIAL COIN OFFERING (ICOS) AND

SECURITY TOKEN OFFERINGS (STOS)

Dr. Sarojkant Singh is a PhD research scholar (Management) at ICFAI University Jharkhand. He is the Group
Head - Strategy &Risk in McNally Bharat Engineering Co. Ltd He has 19+ years of experience
in handling large scale industrial projects and formulating business strategy. He has executed
Grid connected 100MW solar project, Ash handling projects, Coal Handling projects and Steel
projects where he has handled portfolios of projects with a mix of green energy and traditional
energy for businesses. He also strategizes environment sector products like centrifuges,
thickeners etc. where he has initiatives for sustainability and climate change. He has worked
in L&T, Siemens, EWB K and Furnace Fabrica prior to his present role.

He is a member of the System Dynamics Society, Hon. Doctorate from Commonwealth Open
Dr. Sarojkant Singh University, Fellow of Institute of Engineers, Life time member of Inspira. He is an alumnus
of Indian School of Business, holds a MSc in Advanced Mechanical Engineering from

University of Sheffield, MA economics from Anamalai University, MBA in Finance from Pondichery University
and a B.E. in Mechanical Engineering from Indian Institute of Engineering Science and Technology (Shibpur)

CMA Raja Ghosh (MCOM, FCMA, ACS, CFA, PGDM, MFA) holds presently Professional
position of Additional General Manager (F&A) WBSEDCL (A State PSU in Power Sector).
The Main Power Discom in West Bengal. He is also a Doctoral Research Scholar, ICFAI

University, Jharkhand, Ranchi. He has wri en (Eight) articles, in Professional Journals like
the Management Accountant (ICAI Journal, a UGC approved Journal) and other Journals
and a regular Trainer /Faculty in WBSEDCL/ Professional Institutes in the last 15 years.
CMA Raja Ghosh

Abstract
The paper aims to review the present SME IPOs performance listed in MSME exchanges of NSE & BSE
and the impact of CSR activities in these companies. Literature survey on CSR and its infl uence on social
trust is done. We examine how social trust impacts the underpricing of such IPOs. New innovative crowd
sourcing avenues are evolving in the Indian markets. A systematic literature review is conducted and the
future prospects of ICOs (Initial Coin Offerings) and STOs (Security Token Offerings) for fund raising is
studied with examples from other countries. The authors then provide a prospective on how CSR activities
by companies will impact such fund raisings in the days to come. In this paper we study 26 company IPOs
and their underpricing and the CSR activity disclosures in their prospectus. The results indicate that CSR
activities impact the underpricing of the SME IPOs.
Keywords: Corporate social responsibility, fundraising, initial public offering, initial coin offering,
security token offering, trust

The Institute of Cost Accountants of India 13