Poor sentiment hits IPO plans

The uncertainty in the stock market is drying up IPO activities. A leading hospitality chain is one such casualty of the pessimism that has gripped the IPO market. The company is learnt to have reduced its offer size by almost 25 per cent, according to banking sources. Last year, this company, which owns several hotel properties, including two famous brands, was looking to raise about Rs 2,000 crore. Now, according to sources, the size has been reduced to Rs 1,400-1,500 crore and will most likely hit the market next week.