Kotak Equities exec claims only 15% IPO funds in 5yrs used for capex, says '40% used for exits'
Kotal Institutional Equities Co-head Sanjeev Prasad raised concerns over way in which companies are using IPO proceeds over the past few years. Noting that only 15% of $100-billion IPOs funds raised in last five years were used for capital expenditure, Prasad said 40% funds were OFS, which means investors were just exiting. "Rest are used for random stuff," he added.