1995 we thought let’s go for IPO and we had no knowledge of that. We hired a consultant and started working on possibilities. Those days as per SEBIs guidelines if your company is not 3 years old you can’t charge a premium and we had just converted our company from proprietorship to LTD. My advisors advised us that we should go for a small IPO of Rs 1.25cr only to get listed for the time being. Our holding of 70% was put under 3 years lock in. As luck would have it SEBIs guidelines worked in our favor. All the media gave us very high ratings and quoted as “Premium Issue At Par”. There was no CNBC those days. Zee was the only private channel and in IPO section they gave us the top issue of the week. Our issue went over 300 times. Few HNIs applied for more than the whole issue size which got rejected by us and we were sued in Ahmadabad for this. We made the newspapers headlines and Jairam Ramesh was a journalist at DD that time and he interviewed me on business breakfast which was broadcasted nationwide. Those days the allotment was done in 45 days so we put all the extra money in fixed deposit for 30 days and ended up earning Rs 75 lacs as interest.
As we were being lucky those days we had nominated ourselves for the national awards and an inspector landed at our office for the due diligence and we got a letter from the ministry of commerce to that you are getting a certificate of merit by President Shankar Dayal Sharma at Vigyan Bhawan.
The IPO and the award both were both on account of good luck and I had no role in it.