India sees IPO surge ahead of key financial disclosure deadline
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Indian companies are making a last-minute dash to the public markets, aiming to attract global investors before a key deadline.More than a dozen Indian companies have either launched or announced initial public offerings worth 187 billion rupees ($2.1 billion) in the two-week run-up to the Aug. 12 deadline, according to data compiled by Bloomberg.The cutoff is the last day companies can use their audited financials from the March quarter in IPO filings, a critical detail for many overseas investors.Indian rules allow the use of financials in IPOs that are up to 180 days old, but stricter U.S. Securities and Exchange Commission guidelines cap that at 135 days. Foreign investors prefer or require audited financial statements in the IPO prospectus before committing capital, investment bankers say.While this quarterly IPO rush is routine, companies have had extra motivation this time — thanks to ample liquidity and concerns about a potential slowdown in coming weeks. With US President Donald Trump threatening to raise tariffs on Indian exports, many firms appear eager to lock in relatively high valuations while market conditions remain favourable.The rush is being driven by factors, including seasonality and ample liquidity in the market, according to Prakash Bulusu, joint CEO at IIFL Capital . However, 'volatility in secondary markets, triggered by US tariff concern,s may slow issuances,' he said. The next IPO wave may kick off from mid-to-late September, in the lead-up to the festive quarter, Bulusu said.Around ten companies, including National Securities Depository Ltd., Aditya Infotech Ltd., Brigade Hotel Ventures Ltd., have collectively raised over 97 billion rupees ($1.1 billion) between July 25 and August 1, according to data compiled by Bloomberg.More deals are on tap this week, with Knowledge Realty Trust REIT, JSW Cement Ltd., All Time Plastics Ltd. and Highway Infrastructure Ltd. aiming to raise over 90 billion rupees ($1 billion) combined.Indian companies have raised approximately $7.28 billion through IPOs from January through July, according to data compiled by Bloomberg. They are expected to raise another $18 billion in the second half of 2025, according to Jefferies Financial Group. If that materialises, total fundraising could surpass last year's record of $21 billion.Among the upcoming big-ticket offerings expected in the second half, Tata Capital Ltd. is targeting a $2 billion raise, while the Indian unit of South Korea's LG Electronics Inc. is planning a billion-dollar IPO.'India's IPO momentum is underpinned by strong domestic liquidity, macro resilience, and a deep deal pipeline,' said Gaurav Sood, managing director of equity capital markets at Avendus Capital. 'We expect over 10 IPOs north of $1 billion by year-end. The market has the depth to absorb them.'
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