Page 16 - MSME BULLETIN 2022 .indd

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

Year of IPO listing Opening Under CSR spends
Company Remarks
listing price day price pricing prior to lisitng
Metro Brands 2021 500 436 -13% 1% Rs.19000000 unspent
Mapmy India 2021 1033 1581 53% 2% Nothing unspent

Tega 2021 453 753 66% 2% Nothing unspent
Policy Baazar 2021 980 1150 17% 0% Loss made
Nykaa 2021 1125 2001 78% 2% Nothing unspent
Fino Payments 2021 577 548 -5% 0%
Manyavar 2022 866 936 8% 2% Nothing unspent
Maruti Interior 2022 55 68.5 25% 0%
Adani Wilmar 2022 230 221 -4% 2% Nothing unspent
Suyog Gurbaxine 2021 45 45.5 1% 0%
Data Analysis
There is an overall positive impact on fi rms which do CSR as shown from the trend below:

The data shows that fi rms which spend 2% of the unknown.
stipulated CSR are better valued than those who don’t
spend or spend less than that stipulated. On day on For those fi rms which don’t do any CSR spending
listing the IPO price is upto 120% higher for the we observe that most are underpriced below 20% and
those who spend all the CSR. Except for one case of some overpriced. Except Burger King. On a closer
Adani Wilmar all are above the listing price. Thus examination we fi nd that Burger King had losses in
underpricing is quite high. Majority of the 26 fi rms their previous year and not required to do any CSR,
in this category are underpriced more than 20%. On but still they supported an education initiative through
examination we found Adani Wilmar did extensive CSR. The stock was underpriced 80%.
CSR activities and thus reason for this aberration is

16 The Institute of Cost Accountants of India