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LIC, AGS Transact, Adani Wilmar and other IPOs coming up in early 2022

<ul class="summary-list"><li>Not all millionaires have big houses, boats, or fancy cars.</li><li>In fact, six of them told BI their strategies to grow wealth — and keep it — are the exact opposite.</li></ul>Anthony Drew Gary, 35, and his wife had a combined $5,000 to their name a decade ago.Now, the Indiana couple has a <a target="_blank" class="" href="https://www.businessinsider.com/millionaire-small-business-entrepreneur-revenue-census-construction-finance-real-estate-2024-6">net worth</a> of about $1.3 million.Gary said they had an "incredibly average" path to wealth, emphasizing prudent <a target="_blank" class="" href="https://www.businessinsider.com/millionaire-millennials-financial-independence-retire-early-fire-arizona-house-hacking-2024-8">investments</a> and modest living.He makes a decent living in real estate, saying he and his wife combined never made more than $200,000 in a year. With two kids and the rising cost of living in the US, that kind of money can go fast. So, for a decade, the Garys have stuck to a meticulous budget."We shop at Aldi," he said. "We're doing enough things right to have a significant margin in our lives that 10 years of compounded efforts have put us on the fast track to where we want to be."Gary worked his way through college and graduated debt-free from a public university. He and his wife, now a stay-at-home mom, married at 27 and became parents at 30, buying a small three-bed, two-bath home for $200,000 in the suburbs of Indianapolis. They could've qualified for a larger home, but having <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/financial-independence-retire-early">financial flexibility</a> was more important.Gary grew his career in <a target="_blank" class="" href="https://www.businessinsider.com/how-to-retire-early-buy-property-rent-out-financial-independence-2024-7">real estate</a>, jumping from position to position while negotiating pay increases. He began a brokerage and bought homes to convert into rental properties. He said they're "purposefully <a target="_blank" class="" href="https://www.businessinsider.com/millennial-fire-financial-independence-retire-early-spending-most-income-investing-2024-7">not maximizing</a>" their earnings to spend more time with their children. They prioritized maxing out their <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-retirement-plans">retirement</a> and investment accounts.<div type="image" title="Anthony Drew Gary and his wife" height="1152" width="1536" msid="112967530" hostid="261" sizebytes="107336"></div>To avoid lifestyle creep, they stuck to strict monthly budgets, took vacations when lodging was cheapest, and traded children's clothing and toys with other families in the neighborhood. He said these were fairly simple ways to live modestly without sacrificing quality of life."I play a lot of golf — I'll hit as many bad shots in a $100 polo as I do when wearing a $25 polo," Gary said. "My story is one of doing all the boring things right to set ourselves up for a wonderful life where depending on how much we want to spend in future years, we could likely be done working by 40, even with two children."Some stories of people striking it rich and<a target="_blank" class="" href="https://www.businessinsider.com/millennials-retiring-early-fire-movement-financial-independence-millionaire-savings-work-2024-5"> retiring early</a> include unrelatable circumstances, such as family wealth, entrepreneurship, or a superstar career at the top of the corporate ladder.But many of the <a target="_blank" class="" href="https://www.businessinsider.com/financial-independence-retire-early-couple-share-saving-strategies-2024-7">millionaires</a> Business Insider spoke with in recent months got there without a quick fix. Instead, they spent a decade or more investing wisely and living modestly. Most stressed that the importance of a budget and frugal spending shouldn't be overlooked, even though it can be difficult to ignore social pressure to keep spending on luxury goods and experiences — before and after getting rich.<h2 id="78195c11-d830-4318-a706-e2ed55175d38">Flashy wealth is not the goal</h2>Xiao Yu, 37, got into the habit of saving when he was little. His parents were rice farmers in China who immigrated to the US and worked minimum-wage restaurant jobs. He said he was an average student, though he never had student debt from his public university.He worked up to becoming a CPA and finance manager, reaching financial independence with his wife, a homemaker, in October 2023 and trading in the corporate life for early retirement and a tax advisory business. He earned about $180,000 before retiring and is set to earn $100,000 a year in self-employment.<div type="image" title="Xiao Yu and his family" height="810" width="1080" msid="112967531" hostid="261" sizebytes="93970"></div>Yu, a father of two living in a 2,100-square-foot home in the suburbs of Indianapolis, said he and his wife achieved their wealth by consistently saving 35% to 45% of their income, committing to an annual budget, avoiding lifestyle creep by driving decade-old vehicles, and switching companies or seeking internal promotions every one to two years. He also monetized his <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/money-coach-learned-helping-clients-2023-12">financial coaching</a> skills by helping his coworkers with tax returns and planning advice.It's allowed him to put his earnings toward spending on vacations, renovating his home, and investing in his kids' futures. He spends his off time trying out new hobbies such as building a backyard garden."We aren't flashy with our wealth because money isn't our ultimate goal — financial freedom to choose how we want to live is our goal," Yu said.To be sure, many Americans engage in budgeting and modest living simply to get by, not to get rich. Americans living <a target="_blank" class="" href="https://www.businessinsider.com/alice-living-paycheck-to-paycheck-without-government-assistance-snap-medicaid-2024-5">paycheck to paycheck</a> won't have much to invest or take risks with, making it near impossible to significantly grow their wealth. Some families said that even with <a target="_blank" class="" href="https://www.businessinsider.com/retirement-saving-henrys-401k-paycheck-to-paycheck-high-earners-millennials-2023-11">six-figure salaries</a>, they're struggling to invest for the future or buy a home.According to the Federal Reserve's most recent <a target="_blank" href="https://www.federalreserve.gov/publications/2023-economic-well-being-of-us-households-in-2022-expenses.htm">Economic Well-Being report</a>, 14% of families making $50,000 to $100,000 could not pay their current month's bills in full, while over half of all households experienced reduced savings in the last 12 months. Only 63% of families said they could cover a $400 emergency expense completely using cash.Meanwhile, credit card debt just hit a record $1.14 trillion, and according to the <a target="_blank" class="" href="https://fred.stlouisfed.org/series/DRCCLACBS">Federal Reserve</a>, 3.25% of that debt is delinquent or at least 30 days overdue. While the rate of Americans falling behind on their credit card bills is lower than it was during the Great Recession, it's been rising over the last couple of years, suggesting many people are finding it harder to keep up.Still, many Americans are refusing to keep up with the Joneses and have learned to be content with what they have. Lawrence Delva-Gonzalez, 41, works as an auditor in the Washington, DC, area and built his net worth from $150,000 in debt in 2012 to over $1.3 million as of August. Still, he said he has no plans to slow his savings rate.Delva-Gonzalez was raised in Port-au-Prince, Haiti, where he said he was "never rich by any stretch." He recalled his grandmother waking up at 4 a.m. working various side hustles to make money. He said his mother never made more than $30,000 a year.<div type="image" title="Lawrence Delva-Gonzalez and his wife" height="1152" width="1536" msid="112967532" hostid="261" sizebytes="321360"></div>After moving to the US, he received a bachelor's and master's degree from a public university, putting him over $100,000 in debt. His first job paid $27,000 a year before taxes, and he said he spent much of his earnings on food.However, noticing his finances remained stagnant, he decided to reduce his student loan payments each month and invest some of that money in the stock market and retirement accounts."The more that you can invest on the front end in tax beneficial accounts, it will have an outsize return for you in the back end," Delva-Gonzalez said.The Marine Corps veteran jumped from job to job to increase his pay, started tracking all expenses using budgeting apps, and saved over 50% of his income by reducing unnecessary expenses. He bought a condo for $132,000 in 2016, which he said saved him money long-term given how rapidly rents rose in DC. Once he and his wife had a more robust nest egg, they purchased a rental property in Tallahassee, whose value has significantly increased."It's just casual human nature: We think that wealth is somehow unattainable," Delva-Gonzalez said. "The more you do what you're supposed to do, the more you create opportunities to do what you want to do."After all, <a target="_blank" class="" href="https://www.businessinsider.com/who-are-americas-millionaires-white-gen-xers-boomers-educated-stocks-2024-1">becoming a millionaire</a> isn't all about <a target="_blank" class="" href="https://www.businessinsider.com/early-retirement-overrated-financial-independence-fire-return-to-office-balance-2024-6">retiring</a> to a beachfront home. Justin Hall, 56, values the importance of retirement but said his goal of building wealth isn't just to live lavishly.Hall discovered FI strategies in 2017, though he said he was always frugal and built his wealth slowly. He and his wife, a civil servant and a teacher, respectively, arrived at a combined multiple seven-figure net worth in Virginia with enough passive income from investments to fund his early retirement and a full-time nomadic lifestyle.<div type="image" title="Justin Hall and his wife" height="479" width="639" msid="112967528" hostid="261" sizebytes="16944"></div>Hall, who served 20 years in the Air Force, started <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-financial-independence-retire-early-fire-investing-real-estate-2024-7">investing young</a>, put much of his money in an IRA, and maintained a minimalist lifestyle. He earned a combined gross income of $128,000 in his last year in the Air Force, and his pension is now $61,600 a year. He also earned slightly below six figures each year over his 10 years as a civil servant. He and his wife also earn $34,000 a year in real estate and $64,000 gross in investments.He had many side hobbies as a musician, coin and stamp collector, and cyclist, though he sold most of his possessions to focus on bettering himself and keeping his costs low.Hall acknowledges he made various investing mistakes, such as losing thousands in individual stocks, buying mutual funds high and selling low when the dot-com bubble burst, and being too wary of the market during the 2008 recession. Still, careful saving, little debt, and tight budgeting allowed him to retire at 52. He and his wife downsized about 98% of their possessions in 2023 and have traveled the world full-time for the last year."I push back against the worn binary of either make money to have purpose or retire early and sit at the beach all day sipping fruity drinks," Hall said. "I strongly believe that early retirees can have fulfilling lives without the paid work."Are you part of the FIRE movement or living by some of its principles? Reach out to this reporter at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>.

Meet the millionaires next door

<ul><li>As the year of most IPOs in India comes to an end, another one kicks off.</li><li>The excitement for IPOs, particularly from retail investors, is likely to be a lot sober in 2022, says <keyword id="1038160" type="General" weightage="20" keywordseo="ajay-saraf" source="Orion">Ajay Saraf</keyword>, head of investment banking and institutional equities at ICICI Securities.</li><li>That would mean companies would be less confident in demanding high valuations, leaving more profit on the table for small investors in good companies.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them</li></ul>The bull run in Indian equities that continued from mid-2020 up until late 2021 had drawn in hordes of companies, including the likes of <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> and <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, who wanted to make the best of the brimming optimism and get the best price for their shares. Millions of retail investors wanted a part of the boom in Asia’s best performing stock market, and a lot of IPOs benefited from the frenzy. That kind of unbridled enthusiasm is unlikely in 2022, according to Ajay Saraf, head of investment banking and institutional equities at ICICI Securities in an interview to Business Insider. Saraf is not alone. Srinivas Rao Ravuri, chief investment officer at PGIM India Mutual Fund also <a href="https://www.moneycontrol.com/news/business/markets/daily-voice-2022-would-be-a-challenging-year-for-investors-and-companies-planning-ipos-says-srinivas-rao-ravuri-of-pgim-india-mf-7856261.html">reportedly</a> believes that 2022 would be a challenging year for investors and companies planning IPOs. But that’s not entirely a bad thing. If the cautious mood makes good companies, who need to raise money, tone down the pricing it may leave more profit on the table for small investors. There were 63 initial public offerings (IPO) in 2021 and they raised a cumulative <a href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-year-2022-in-india-ags-transact-adani-wilmar-prudent-corporate-advisory/slidelist/88492728.cms">₹1.18 lakh crore from investors</a> [hyperlink]. And, some of them doubled, or more, the <keyword id="1184176" type="General" weightage="20" keywordseo="ipo-investors" source="Orion">IPO investors</keyword>’ money on listing itself. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top performing IPOs of 2020 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% of listing gains </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">159% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Laxmi Organics </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">152% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Easy Trip Planners </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">151% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Barbeque Nation Hospitality </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">125% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nureca </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">116% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">StoveKraft </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">115% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MTAR Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">110% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sona BLW Precision Forgings </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">102% </td></tr></tbody></table> But, 2022 is likely to be different. “My sense is 2022 could be more volatile… and the issue would be stuff like hike in global interest rates, tapering, central bank prioritising inflation over growth and increasing interest rate earlier than expected, which might make the market volatile and IPOs may not be as smooth and great as 2021,” said Saraf. Here’s an <a href="https://www.businessinsider.in/stock-market/markets/news/heres-why-the-spike-in-inflation-in-the-us-may-worry-markets-in-india/articleshow/82597218.cms">explainer</a> on why the rising inflation, and the expected hike in interest rates, in the US may affect markets in India. If the market mood is uncertain, then the companies planning IPOs are likely to be less confident in seeking high valuations. Startups like <keyword id="143842" type="General" weightage="20" keywordseo="mobikwik" source="Orion">Mobikwik</keyword> are already waiting patiently before they launch the IPO to get the best price. Founder Upasana Taku told Business Insider that she is <a href="https://www.businessinsider.in/business/startups/news/mobikwik-founder-says-they-are-not-selling-any-shares-in-the-ipo/articleshow/88392998.cms">waiting for the market conditions to improve</a> even though she has the SEBI approval to launch the IPO. Legendary investor Warren Buffet has said in the past that he has never invested in an IPO. “The idea of saying the best place in the world where I can put money is something where all the selling, and their commissions are higher, the animal spirits are rising, that’s going to be better than a thousand other things I can where there is no similar selling enthusiasm, and the desire to get the deal done and earn some commissions. That’s the best thing to buy in a single day?,” Buffett <a href="https://www.cnbc.com/video/2019/05/06/warren-buffett-on-why-hes-never-bought-an-ipo.html">asked in an interview</a> in May 2019. In 2022, the animal spirits will be lower i.e. the emotional trigger for investments will be contained and therefore the valuations may be cheaper. “Valuation will become a bit more in favour of investors and that is the trend which we will see (next year),” said Saraf. If the IPOs are priced cheaper, it is likely that the headroom for profit is higher for investors, particularly for those who invest for the longer term. While this is general wisdom, it may so happen that the excitement may be lesser for some companies and higher for others. “Consumer tech and BFSI will lead the overall IPOs in terms of sector concentration in 2022,” said Saraf. Here’s a list of IPOs expected to open in 2022 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Description </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AGS Transact </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Payment solution providers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fast moving consumer goods </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prudent Corporate Advisory </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail wealth management firm </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emcure Pharmaceuticals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacture of pharma products in areas -- gynaecology, cardiology, blood- related, oncology, respiratory, CNS &amp; HIV </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shri Bajrang Power &amp; Ispat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Integrated steel manufacturer </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sahajanand Medical Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Medical devices company </td></tr></tbody></table>Does lesser excitement for IPOs mean that loss-making startups have no hope in 2022? Saraf doesn’t think so. “I think Indian investors, given how the year 2021 was, they are willing to put money into companies who are still not breaking even or whose profitability may be few years away...and this trend will continue,” said Saraf. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-year-2022-in-india-ags-transact-adani-wilmar-prudent-corporate-advisory/slidelist/88492728.cms">LIC, AGS Transact, Adani Wilmar and other IPOs coming up in early 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mobikwik-founder-says-they-are-not-selling-any-shares-in-the-ipo/articleshow/88392998.cms">Mobikwik founder says they are not selling any shares in the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/snapdeal-ipo-paper-reveals-that-it-is-going-offline/articleshow/88408081.cms">Snapdeal IPO papers reveal the e-tailer’s offline aspirations for budget fashion</a>

The IPO excitement may be softer in 2022 but that can be a good thing for investors

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<a href="https://advisors.vanguard.com/VGApp/iip/site/advisor/researchcommentary/article/IWE_InvComBuckleyETFKeynote">Four Things The Most Successful Advisors Have In Common</a> (Vanguard) 
In a post-financial crisis world advisors are under pressure to generate impressive returns and to outperform other advisory firms. But Vanguard CIO Tim Buckley thinks there are four things the most successful advisors do. 1. They are behavioral coaches who help clients "get on the right path and prevent them from taking wrong turns." 2. They are "tax-efficient through prudent asset location and tax-smart spending strategies." 3. They keep investment costs low. 4. They rebalance in a disciplined fashion. "Vanguard believes that advisors who successfully apply these basic concepts can add about three percentage points to their clients' annual returns versus advisors who don't."
<a href="http://www.fa-mag.com/news/millennial-investors-are-throwbacks-to-depression-era-16737.html">Millennials Are The Most Financially Conservative Since The Great Depression</a> (FA Mag)
Millennial or Generation Y investors, those in the 21-36 age group, are the most financially conservative investors since the Great Depression, according to a UBS Investor Watch survey. 34% of Millennials said their risk tolerance was conservative or somewhat conservative, with their average asset allocation of 52% cash, compared with 23% for other investors.
"They have a Depression-era mindset largely because they experienced market volatility and job security issues very early in their careers, or watched their parents experience them, and it has had a significant impact on their attitudes and behaviors," Emily Pachuta, head of investor insights, UBS Wealth Management Americas told FA Mag.
<a href="http://www.bloomberg.com/news/2014-01-27/pimco-to-start-19-actively-run-etfs-as-gross-diversifies.html">PIMCO To Start 19 Actively Run ETFs</a> (Bloomberg) 
PIMCO, the world's largest bond manager plans to launch 19 activity managed exchange traded funds (ETFs), according to Alexis Leondis at Bloomberg. These will be variations of mutual funds like PIMCO Income and PIMCO Municipal Bond. "We believe actively managed ETFs provide another way for investors to access Pimco's global strategies across fixed income, equities and commodities, all backed by the firm's time-tested investment process," the firm told Bloomberg.
<a href="http://www.businessinsider.com/global-pension-fund-asset-allocations-2014-1">It's Pretty Crazy How Different Pension Funds Look Around The World</a> (Business Insider) 
Pension funds which took a huge hit during the financial crisis did very well for themselves dying the 2013 stock market rally. Not experts expect many pension funds to lower their exposure to stocks and increase their exposure to bonds. "We expect nearly $150bn of annual S&amp;P pension asset allocation equity outflows in 2014 and 2015 as the average equity allocation of S&amp;P 500 plans drops from 45% to roughly 30%," Deutsche Bank's David Bianco said. "We do not see this as a threat to healthy S&amp;P 500 returns through 2015, but it should help slow the ascent in long-term interest rates and keep corporate credit spreads tight."

<a href="http://www.businessinsider.com/emerging-market-fund-flows-jan-24-2014-1">Investors Have Been Bailing Out Of The Emerging Markets For 13 Straight Weeks</a> (UBS)<a href="http://www.businessinsider.com/emerging-market-fund-flows-jan-24-2014-1"> </a>
Investors are increasingly anxious about higher interest rates in the U.S. which means a stronger dollar and is bad for emerging economies with large current account deficits. This has caused money to leave emerging markets and flood into U.S. Treasuries. "[Global Emerging Market] funds saw further outflows of approx. $2.4 billion last week, after $1.3 billion of outflows in the prior week," UBS's Geoff Dennis said in a note. 
"This is now the 13th consecutive week of outflows from EM funds, the longest such streak since 2002. All fund types (by region), saw outflows last week. On a four-week moving average basis, there have been net outflows of $1.1 bn from dedicated GEM funds; $0.3 bn from LatAm; $0.1bn from Asia ex Japan and $0.05 bn from EMEA," Dennis wrote. "In the first three weeks of 2014, GEM funds have seen total outflows of $5.0 billion (MSCI GEMs is down today by 5% YTD), following outflows of $15.9 billion for the whole of 2013."

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