The Asia Pacific region, particularly India, is witnessing a remarkable surge in Initial Public Offerings (IPOs), dominating global listings this year.
What Happened? Data compiled by Bloomberg reveals that out of 38 global listings in the past two weeks, an astounding 34 occurred in the Asia Pacific, with India hosting the majority.
India’s equity market is bustling with activity, continuing its record-breaking streak from last year. Companies are capitalizing on heightened valuations, spurred by a robust equities market and promising earnings prospects.
This contrasts with China, which, despite typically larger listing sizes, is experiencing a gradual revival in offerings following economic challenges and increased regulatory scrutiny last year.
Future Prospects: Experts, including Udhay Furtado of Citigroup, anticipate a vibrant year for Asia’s IPOs, with India expected to feature prominently due to its array of significant companies poised for billion-dollar IPOs. Bankers in the Asia equity capital market are betting on India to maintain its lively pace through the year.
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Adding to the momentum, Ola Electric Mobility, India’s leading electric-scooter company, is set to announce a significant deal this quarter, aiming to raise 55 billion rupees ($664 million). Meanwhile, Jyoti CNC Automation, a Gujarat-based CNC machine manufacturer, starts trading in Mumbai today, having seen its 10 billion rupees offering oversubscribed 38 times, making it the second-largest IPO in India this year after Sustainable Energy Infra Trust’s $273 million listing.
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