Twenty five companies out of 106 companies that came out with IPOs in the last fiscal (2005-06) are today quoting at a discount, among which eight are follow-on public offers and 17 are initial public offers. From the total 106 companies, seven companies saw a decline in their price-on listing, and a month after listing this number, increased to 19 companies.

Similarly, 36 companies recorded an increase of more than 30 per cent in their prices when listed, among which 33 were IPOs and three were FPOs.The companies that saw ups and downs in their market price after the listing included Alps Industries that recorded a fall of 7.50 per cent on listing, a three per cent fall a month later and is now quoting at Rs 231.20, which is 92.67 per cent over its issue price of Rs 120. Further, the South Indian Bank, that recorded a six per cent fall in its price one month after the listing, is now quoting at Rs 70.30 against the issue price of Rs 66.

Gitanjali Gems fell nine per cent one month after listing and is now quoting at Rs 223.50 against its issue price of Rs 195.Companies that registered a growth in their issue price after listing but are now quoting at a discount to their issue price include K Sera Sera Production (Rs 44.65 against issue price of Rs 6, Malu Papers (Rs 21.60 against issue price Rs 30), R. Systems International (Rs 192.85 against issue price of Rs 250), Sakuma Exports (Rs 33 against issue price of Rs 50) and Compulink Systems Limited (Rs 30.10 against Rs 60).

Of the total 106 companies that went public, 37 companies had IPOs of Rs 50 crores, 25 of more than Rs 50 crores and less than Rs 100 crores, 23 with more than Rs 100 crores and less than Rs 250 crores and 21 companies of Rs 250 crores and above.The total number of companies that came out with the follow-on public offer in the last fiscal were 23, of which four companies issued their public offer at fixed price and 19 through the book-building process. The companies that saw negative appreciation in their prices after listing were Birla Power Solutions, where against the issue price of Rs 42, the stock’s current market price or CMP is Rs 35.70, Jindal PolyFilms Limited’s CMP is Rs 285.05 against the issue price of Rs 360 and Jagran Prakashan saw a decline of 7.38 per cent with the current market price of Rs 296.40 against the issue price of Rs 320.

The good performers to name a few that saw an increase in their share price after listing were Lokesh Machines, which recorded a 75 per cent increase on listing at Rs 245 against the issue price of Rs 140, and is now quoting at Rs 229.50. FCS Software Solutions Limited registered an increase of 200 per cent — listed at Rs 150 against its issue price of Rs 50 (CMP Rs 118.85) and Tantia Construction that was listed at Rs 180, increased 260 per cent over its issue price of Rs 50, and is now quoting at Rs 221

Two qualities characterise high-functioning leadership teams: (1) hard conversations happen — difficult issues move quickly from people’s heads to the conference table; (2) accountability is shared — individuals on the top team feel a responsibility to the organisation as a whole, not just for their piece of the action.

To take senior teams to a new level of leadership, we have put together a model of top team communication that we call The Morning Meeting, or TMM. It’s a deceptively simple name for an intricately ritualised event that has delivered significant payoffs to the organizations that have put it into practice.

Here’s how TMM in its purest form works: Every day, at the same time, the top team — numbering between six and 15 people, both staff and line — assembles around a conference table, either in person or virtually. Also at the table are one or two others who either are responsible for an important current initiative or are valued for their area of expertise. There’s no preset agenda.

Around the conference table on folding chairs, in a sort of gallery, are a handful of deputies and executive assistants to the principals at the table.

Sometimes the CEO will have an issue or two to begin the meeting. More often the CEO defers to the No. 2 person seated on his left, who runs the meeting. When No. 2’s issues are fully discussed, the person to the left raises any issues, and so on, clockwise around the table, full circle to the CEO. Once everyone at the table has had an opportunity to speak, everyone in the gallery leaves and the top team gets a chance to go around again. In this second phase, executives discuss highly sensitive issues, such as legal and personnel matters.Depending on the size of the group and the number of issues, the meeting can take 15 minutes or two hours.

The ground rules:
Anyone can put anything on the table for discussion; it doesn’t have to be related to one’s own area of responsibility.These are decision meetings, but issues do not just get raised and resolved. Implementation plans are broadly outlined and agreed upon, and internal and ext-ernal communication strategies are often considered.

Once an issue is fully vetted, the CEO determines the decision rule that will govern it. He decides whether he’ll be the one to make the final call, whether a particular individual or subgroup will make it or whether it will be made by group consensus. Changing one’s mind, even in the middle of the conversation, is OK, even respected. Not having an opinion is not. There are no arguments about fact questions. Participants are to get the facts and raise the subject at the next meeting.

When we try to introduce TMM into an organisation, there is often resistance: "We can’t do that here." Our experience, however, is that the resistance is often a mask for anxiety about leaving a familiar mode of operating.