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MSME & START-UP BULLETIN, VOLUME 1, ISSUE 1, AUGUST 2022

Of the 26, three companies had unspent CSR funds. was Antony Waste which was an environmentally
We found that these were penalised by the investors friendly company and underpriced upto 38%.
and these sold upto 10% below listed price. Exception

Findings Bibliography
Our fi ndings indicate that SMEs which do CSR  Ashish Sharma, P. G. (2018). SME Financing:
activities are positively impacted when they go for IPO issue and Post-IPO analysis. Effulgence.
IPOs. There may be other factors which impact the
SME IPOs, but since CSR spendings are related to  Bansal, N. C. (2017). Economics times.
profi ts in India by regulation this may be a correlation Retrieved from https://economictimes.
with profi ts. However, we do fi nd that those which indiatimes.com/small-biz/startups/newsbuzz/
made losses like Burger King but still spent in CSR was startups-test-a-brand-new-crypto-currency-ico/
impacted positively. The only aberration was Adani articleshow/61938744.cms?from=mdr
Wilmar. The reason for their overpricing lies in other
factors that effect the SME IPO pricing than CSR.  Dr. Makarand S. Wazal, P. S. (2020).
Comparative analysis of Underpricing and
Limitations and further research Subscription of SME IPOs and Main Board IPOs.
Our research is limited to SME listing after 2020. 5th International Conference on “Innovations in
We have taken companies from various sectors and IT and. Our Heritage.
sectoral factors would play an important role in the
SME IPO pricing which was not studied. A further  Elise Alfi eri, Y. F. (2020). Social Features and
study with a bigger dataset would be a scope of future Cryptocurrency Returns. SSRN.
research. A regression analysis of other factors and a  Francesco Bollazzi, G. R. (2017). IPO and CSR:
PCA analysis for the importance of the CSR factor can An Analysis on Last Performance in Italian
be done in future.
Stock Exchange. China-USA Business Review.
Conclusion  Hakizimana, J. [. (2020). Security Token Offering
Our research findings show that CSR activities (STO): A Paradigm shift in global fundraising
impacts SMEs when they go for fund raising. The markets. How Blockchain technology might
future of fundraising will be marked by ICOs and disrupt the traditional Initial Public Offering?
STOs, and it will be important to see how ESG and Louvain School of Management.
CSR activities of the ICO and STO offering fi rms will
impact their acceptability. The offering agency is a  IIFL. (2021, August 31). Retrieved from https://
critical factor in success of the ICO as provided by www.indiainfoline.com/article/knowledge-
evidence in literature and hence the steps they take in centre-ipo-general/sme-ipo-what-is-sme-ipo-
ESG and CSR will be critical for SMEs using their india-infoline-121083100621_1.html
platform to raise funds.
 Kozhanova, A. V. (2020). ICO and STO as

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