India is poised for a record year of initial public offerings (IPOs) with at least seven companies planning to raise $1 billion or more each. This surge in listings comes despite economic headwinds and a weakening rupee. The influx of domestic capital, driven by millions of new retail investors, is fueling this optimism. While concerns remain about valuations and the quality of some listings, the pipeline of IPOs remains strong, with Reliance Jio potentially becoming the largest offering.
India is gearing up for a torrent of mega listings this year that could propel the value of initial public offerings beyond 2024’s blockbuster performance, even as the country’s economy weakens and currency comes under increasing pressure. At least seven companies are preparing to raise at least $1bn each this year, according to investment bankers working on the listings.
Companies have been eager to take advantage of India’s heightened equity valuations, driven by domestic fund flows as millions of households increasingly invest their savings in local markets. “India is among the most expensive markets,” said Kunal Vora, head of equity research at BNP Paribas, adding that share price-to-earnings multiples were around 20 in India, compared with averages of up to 14 in most other markets.
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