If one were to compare the IPO market of today with the IPO market 20 years ago then there is a vast difference. For example, in the initial days, all the IPOs had to be necessarily priced at the par value only. There was no concept of the premium issue and that was introduced only after 1992 when SEBI officially took charge of the capital market operations. Even as last as 2000, there were only fixed price issues. The book built issues took off in a big way only in the last 12-13 years when the markets actually discovered the merits of the book built IPO investments. Thirdly, the big boost to the IPO market came in the early and mid-2000 when there was a spate of disinvestment candidates who hit the equity market to dilute some of the government stakes in these companies. But the biggest shift has been in the operational aspects of an IPO. In the early 1990s, a typical IPO investment would take around 3 months to get you an answer on whether you had received allotment in the IPO or not. That improved with the advent of online IPO allotment status. Today, the entire IPO process from start to finish is completed in less than 7 days and the stock is listed. But, the biggest shift in IPO markets came from the pivotal role that SEBI has played in protecting the interests of the small investors and ensuring that fly-by-night and unscrupulous promoters do not disrupt and destroy the sanctity of the capital markets mechanism.