This Ain't No Lottery

Try as you may to deny it, but the fact is that somewhere deep inside every stock market investor, there is a gambler. And somewhere in the genetic makeup of every Indian investor is the belief that the most lucrative form of gambling on the markets, the nearest to a sure thing-as it were, is investing in an IPO. They remember the years of picking up public issue application forms from pavements, queuing up outside banks to put down one's betting …..er investing amount, and then eagerly waiting for the postman to bring the allotment letter. Why, there was even a special banking instrument-Stock-invest-which was roughly similar in function to the chips you get in casinos. One could hardly blame investors for this attitude. Getting an IPO al

This article was originally published on April 09, 2003.