By Sanjeev Sharma New Delhi, Sep 17 : At least 80 companies are in the process to tap the primary market to raise approximately Rs 51,515 crore equity capital in FY 2020-21 with benchmark indices up by 50 per cent since March and IPO listings getting strong demand from the public. India Inc is rushing for the primary market by way of initial public offerings (IPOs). Interestingly, the rush for IPOs comes at a time when the GDP growth is badly hit, economic activity is muted but on the flip side capital markets are going strong. According to data made available by Geojit Financial Services, as many as 80 firms have approached the regulator Securities and Exchange Board of India (Sebi) to get the necessary approvals for tapping the primary market through the rest of the current fiscal. Together, these firms are planning to raise equity capital aggregating to Rs 51,515 crore from the primary market, the brokerage said. "The year 2019 has been the worst year from a primary market perspective as IPO offerings tumbled to a four year low - Rs 12,600 crore raised by16 companies - due to economic slowdown and elevated global trade tensions. However, a trend reversal is happening with the benchmark indices witnessing a sharp run up in recent months led by improved market sentiments on the back of gradual opening up of the economy since June. Around Rs 40,000 crore to Rs 55,000 crore is expected to be raised through the IPO route in the near future. IPOs are expected to be on track from H2FY20 onwards led by a robust pipeline going by DRHPs filed with Sebi," said Vinod Nair, Head - Research, Geojit Financial Services. "Market sentiments have certainly improved in recent months as reflected in the performance of benchmark index Sensex which gained over 50 per cent from its March lows. Besides, investors' interest in primary market has increased in recent times after strong listings of recent IPOs. Further, two more IPOs launched recently received a good amount of subscription from retail investors. Moreover, the upcoming IPOs are well known names in their respective verticals and have healthy ongoing business and decent future growth prospects, Thus we do believe that primary market would continue to gain attention from investors of all class in the future," said Ajit Mishra, Vice President - Research, Religare Broking. Out of the 13 new listings on the stock exchanges so far this year, 10 made stellar debut and are now trading well above their issue and listing prices implying a positive market environment for IPOs from well managed companies. Also the rush to make equity capital is considered as a healthy sign since leverage is considered as a bad business proposition for non-financial corporate. According to the data by Geojit Financial Services, some of the companies coming up with IPOs include UTI Asset Management, ESAF Small Finance, Burger King, Kalyan Jewellers, CAMS, Angel Broking, MilkBasket, Grofers, Studds Accessories, Lodha Developers, Aakash Education, Mrs Bector's Food Specialities, Senco Gold, Flair Writing, Anand Rathi Wealth Management, Penna Cements, Barbeque Nation, NSE, Lite Bite Foods, National Insurance Company, Indian Railways Finance Corporation, Indian Renewables Energy Development Agency, Mazagaon Dock, Bajaj Energy, JSW Cements, Emami Cements, PNB MetlIfe, HDB Financial Services, Apeejay Surrendra Park Hotels, Gland Pharma, NCDEX, TCIL, Hinduja Leyland Finance among others. (Sanjeev Sharma can be reached at sanjeev.s@ians.in) /IANS