Indian IPOs to Raise $10 Billion in Next Six Months

After nearly two years of enduring the coronavirus pandemic, a robust return to life aided by a mass vaccination drive, an accommodative central bank policy and expected economic growth of 9.5% this year are also fueling India’s stock market rally. Indian companies have raised $10.8 billion from first-time share sales this year, according to data compiled by Bloomberg. At this pace, 2021 could well surpass the record $11.8 billion mopped up in 2017.
Balasubramanian said the market’s sentiment has been accentuated by the Chinese government’s regulatory crackdown on its technology companies. In the past when asset managers had money to invest, “90% of that went to China due to their growth and consumption story, but now 80% is coming to India,” he said.