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Business Standard
10-07-2025
- Business
- Business Standard
Indian IPOs set to raise up to $18 billion in second-half surge: Jefferies
India's primary market is set for a strong rebound after a slow start to the year, with up to $18 billion expected to be raised through initial public offerings in the second half of 2025, according to Jefferies Financial Group. Among the most anticipated listings is Tata Capital Ltd., which is gearing up for a $2 billion IPO. Other high-profile names in the pipeline include ICICI Prudential Asset Management Co., National Securities Depository Ltd. and LG Electronics India, reflecting a lineup spanning financial services, consumer goods, and capital market infrastructure. In the first half of the year, Indian IPOs raised about $5.3 billion, according to 'We expect IPO activity and new listings to pick up in second half, with several marquee companies and businesses aiming to go public within the year,' said Jibi Jacob, head of equity capital markets at Jefferies India Pvt. Jacob said he expects more than 50 IPOs to tap the market by year-end. Despite a slow start — only 24 IPOs were launched in the first six months, compared with 91 deals in 2024 — the outlook has brightened. The earlier dip was largely attributed to market volatility, which hurt timing of new issues, Jacob said. Investor confidence is returning as India's $5.4 trillion stock market climbs, fueled by foreign inflows and aggressive monetary easing by the central bank. The NSE Nifty 50 Index is close to its record high reached late last year, despite headwinds such as President Donald Trump's tariff threats and a recent conflict with neighbouring Pakistan. 'While global macroeconomic uncertainties may occasionally tighten launch windows, companies with differentiated business models, strong governance, and long-term growth potential are attracting significant interest,' said Ranvir Davda, co-head of investment banking at HSBC India. Among other large IPOs expected in the second half are e-commerce company Meesho Ltd., stock broking firm Groww Invest Tech Pvt., and eye-wear maker Lenskart Solutions Ltd.
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Business Standard
13-06-2025
- Business
- Business Standard
$115 bn fund manager ICICI Prudential bets on short-term Indian debt
By Subhadip Sircar and Malavika Kaur Makol India's economic growth is set to accelerate sharply, making the ultra short-end of the debt market the most attractive segment, according to one of the country's top money managers. The recent slowdown was a 'mid-cycle correction', and the central bank's policy support has laid the groundwork for growth to return to its long-term trend, Manish Banthia, chief investment officer of fixed-income at ICICI Prudential Asset Management Co., said in an interview. The outlook is prompting Banthia, whose firm manages about $115 billion in assets, to focus on securities with maturities of up to two years or less. This positions him in contrast to many of his peers, who remain bullish on longer-duration debt, anticipating a more gradual economic recovery. 'This disconnect implies increased risk of a sudden spike in yields at the three-year and longer points as the economy strengthens,' he said. The preference for shorter-dated paper, already a favored play in India's debt market, has been reinforced by the central bank's surprise move last Friday: a bigger-than-expected rate cut and additional liquidity injections. However, the authority also unexpectedly shifted its stance to neutral, warning that it has 'very limited space' left for further easing. Adding to the pressure, Indian bonds sold off on Wednesday on concerns that the central bank could soon begin to withdraw excess liquidity, which has led to the overnight rate falling 20 basis points below the policy rate. Despite this development, a central bank policy reversal might still be six months to a year away, said Banthia. The Reserve Bank of India is unlikely to take measures to bring the overnight rate on par with the policy rate over the next three months, he said. 'The RBI has front-loaded certain policy measures and will now allow them to play out,' Banthia said. 'If the recovery unfolds as they anticipate, they may revisit the liquidity situation in the next calendar year.' India's economy expanded faster than expected in the January-March period, but rising trade uncertainties are weighing on sentiment. Despite this, the central bank maintained its 6.5 per cent growth forecast for the fiscal year to March 2026, which falls short of the government's aspirations for 8 per cent growth. Excerpts from the interview: The 1- to 1.5-year bucket should remain stable until the RBI actually begins hiking rates, while everything beyond that could start moving higher as expectations of policy normalization arise, Banthia said. For duration funds, he prefers the 30-year bond over the 10-year note, as the spread has widened to about 65–70 basis points. The fund is using the 30-year as a defensive bet. The fund remains comfortable holding AA-rated paper, though spreads have compressed significantly from three to six months ago due to surplus liquidity.
Mint
13-06-2025
- Business
- Mint
A $115 Billion Fund Manager Bets on Shortest Maturity India Debt
(Bloomberg) -- India's economic growth is set to accelerate sharply, making the ultra short-end of the debt market the most attractive segment, according to one of the country's top money managers. The recent slowdown was a 'mid-cycle correction', and the central bank's policy support has laid the groundwork for growth to return to its long-term trend, Manish Banthia, chief investment officer of fixed-income at ICICI Prudential Asset Management Co., said in an interview. The outlook is prompting Banthia, whose firm manages about $115 billion in assets, to focus on securities with maturities of up to two years or less. This positions him in contrast to many of his peers, who remain bullish on longer-duration debt, anticipating a more gradual economic recovery. 'This disconnect implies increased risk of a sudden spike in yields at the three-year and longer points as the economy strengthens,' he said. The preference for shorter-dated paper, already a favored play in India's debt market, has been reinforced by the central bank's surprise move last Friday: a bigger-than-expected rate cut and additional liquidity injections. However, the authority also unexpectedly shifted its stance to neutral, warning that it has 'very limited space' left for further easing. Adding to the pressure, Indian bonds sold off on Wednesday on concerns that the central bank could soon begin to withdraw excess liquidity, which has led to the overnight rate falling 20 basis points below the policy rate. Despite this development, a central bank policy reversal might still be six months to a year away, said Banthia. The Reserve Bank of India is unlikely to take measures to bring the overnight rate on par with the policy rate over the next three months, he said. 'The RBI has front-loaded certain policy measures and will now allow them to play out,' Banthia said. 'If the recovery unfolds as they anticipate, they may revisit the liquidity situation in the next calendar year.' India's economy expanded faster than expected in the January-March period, but rising trade uncertainties are weighing on sentiment. Despite this, the central bank maintained its 6.5% growth forecast for the fiscal year to March 2026, which falls short of the government's aspirations for 8% growth. Excerpts from the interview: More stories like this are available on
Time of India
11-06-2025
- Business
- Time of India
Prudential India asset manager is said to near filing for IPO
Prudential Plc 's Indian asset-management venture is close to filing preliminary documents with the local regulator for a proposed initial public offering that may fetch as much as 100 billion rupees ($1.2 billion), according to people familiar with the matter. ICICI Prudential Asset Management Co.'s so-called draft red herring prospectus will probably be filed in the next three to four weeks, the people said, asking not to be identified as the information is private. The company has hired a record 17 lead managers for the offering, which may value the firm at about $12 billion, they said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Get Ozempic, Wegovy or Mounjaro at a low price Medvi Get Offer Undo The submission would kickstart the review process of what could be one of India's biggest IPOs this year, the latest sign that the country's new-listings market is on the cusp of a revival. That comes amid the backdrop of a rally in Indian shares, with the nation's benchmark Nifty 50 stock index approaching a record high. ICICI Prudential, a venture between UK-based Prudential and India's ICICI Bank Ltd. , is the country's second-largest mutual fund manager by assets. ICICI Securities Ltd. and Citigroup Inc. were initially tapped to arrange the listing but the asset manager has since added 15 other banks, including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Staley, the people said. Live Events The companies and banks didn't immediately respond to requests for comment.
Bloomberg
04-03-2025
- Business
- Bloomberg
Prudential Is Said to Seek $12 Billion Value on India JV Listing
Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. Prudential Plc is considering seeking a valuation of about $12 billion for ICICI Prudential Asset Management Co. in a potential initial public offering of the Indian unit, according to people familiar with the matter.
