Undoubtedly, they give capital to entrepreneurs. Over the last couple of years we have seen a number of quality unlisted names enter the market through the IPO route. Companies like D-Mart, Shankara Building Products, Dr. Lal Pathlabs, Alkem, Pru ICICI Life, ICICI Lombard and SBI Life have hit the IPO market. This has widened the choice in front of the small investor. The IPO price is fixed by the issuers and the merchant bankers at a level that is likely to elicit the maximum demand. Therefore there is the tendency to leave something on the table for the small investors and that works in favour of small investors. Of course, one can argue that these stocks can also be purchased later in the secondary markets post-listing, but the premiums that stocks have commanded in the recent past, you may end up paying a steep price.