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Indian IPO market heads for busiest week with $1.7 billion in deals
Kalpataru Ltd., Ellenbarrie Industrial Gases Ltd., and Globe Civil Projects Ltd. will start share sale Tuesday. HDB Financial Services Ltd., a unit of India's biggest private lender HDFC Bank Ltd., is also planning to launch its $1.4 billion IPO Wednesday, Moneycontrol reported this week, citing people it didn't identify.
The offerings indicate share sales in India are bouncing back after a lull in the first quarter, helped by a 12 per cent rally in the benchmark NSE Nifty 50 Index from its March low. The Reserve Bank of India's cash infusions into the financial system and a surprise 50-basis-point rate cut this month are also spurring companies to speed up public listing plans.
'India's secondary market has rebounded in recent weeks, buoyed by strong liquidity. With a strong secondary market, IPOs fairly priced may see good demand from both domestic and foreign investors,' said V Jayasankar, managing director, Kotak Investment Banking.
HDB's IPO will be the largest offering in the nation's equity market since Hyundai Motor India Ltd.'s $3.3 billion deal last year. Industrial gas supplier Ellenbarrie is looking to raise as much as ₹8.52 billion , while Mumbai-based real estate developer Kalpataru is seeking to raise as much as ₹15.9 billion.
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