Case | HBS Case Collection | March 2007 (Revised March 2009)

Motilal Oswal Financial Services Ltd.: An IPO in India

by G. Felda Hardymon, Josh Lerner and Ann Leamon


The executives of Motilal Oswal Financial Services, Ltd., one of the largest brokerages in India, are considering an IPO on the Indian markets. The company recently received a small private equity investment from two global private equity firms, which it has not yet fully invested. Historically, the Indian markets have favored higher-revenue companies. Should Motilal Oswal go public now, to take advantage of the hot Indian market, or hold off and build its revenue for a higher valuation?

Keywords: Private Equity; Initial Public Offering; Investment; Emerging Markets; Financial Services Industry; India;


Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Motilal Oswal Financial Services Ltd.: An IPO in India." Harvard Business School Case 807-095, March 2007. (Revised March 2009.)