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How an IPO made Azim Premji The Richest Man Of India:

Recently IPOs in India have been a big flop with numerous retail investors getting fooled by big names, unchi dukaan feeke pakwan. But just at the beginning of this century, one IPO made not just the investors but the company owner, Azim Premji, the richest man in India.

Although WIPRO had been listed in India since Independence but on October 19, 2000, Azim Premji rang the morning bell on New York Stock Exchange as WIPRO became the third Indian Company to have managed a listing on this more than 180-year-old exchange.

Prior to this for six months Azim Premji and his management travelled across the US for roadshows to ensure that his successful stint in India is communicated to investors in the US. But Azim Premji had expert advice too in his IPO journey. These experts included Morgan Stanley and Bank of America as underwriters for this IPO and General Electrics, their American business partner who suggested they choose NYSE over NASDAQ. Interestingly, NASDAQ fell sharply with the Dot-com bubble just a couple of months later.

Wipro raised just over $135 million and the stock gained 10% by the end of the listing day. But an even larger effect was witnessed in Azim Premji’s net worth as he held an 84% stake in Wipro and he surpassed Ambani, Birla and Laxmi Mittal to become the richest Indian from 2000 to 2001 with net worth going from 13700 Crores to 33800 Crores.