Nineteen companies plan to raise approximately ₹12,000 crore through initial public offerings in the next couple months. However, a study found that 103 companies which planned to raise ₹48,150 crore allowed their SEBI approval to lapse, and 58 others withdrew their filed documents to raise ₹17,685 crore. A separate study of 394 IPOs from 2003 to 2014 found that only 42% currently trade above their offer price, the gains for many are not significant, and in 20% of cases investors would have earned higher returns from fixed deposits. IPO success rates have declined over time, and public sector IPOs have generally outperformed private sector ones.