Bankers and venture capitalists haven’t immediately been rejoicing at the three initial public offerings launched on Indian bourses in late March. The IPOs ended a drought of almost two months after apparel maker Vedant Fashions’ 31.5 billion rupees ($415.4 million) public flotation in early February but combined they totaled a modest 3.9 billion rupees. Last year’s ebullience in India’s primary markets has given way to caution.
