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Business Standard
13 hours ago
- Business
- Business Standard
India's foreign equity listings went cold after 2018, shows data
Debt issuances and convertibles keep flowing as equity stalls Sachin P Mampatta Mumbai Listen to This Article Indian entities haven't raised capital through foreign equity listings in over six years — the longest gap since liberalisation. The last such overseas equity fundraise was in 2018, according to data from Prime Database. Listings abroad occurred nearly every year from 1992 through 2016, with 2017 being a rare exception. After one final issue in 2018, there have been no subsequent listings. This lull comes as some Indian companies explore listings at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, pitched as an alternative to offshore hubs like Singapore. The government in 2024 cleared the path for direct listings of Indian
Economic Times
a day ago
- Business
- Economic Times
Retail investors start to warm up to corporate bonds post SEBI reforms: Grip's Nikhil Aggarwal
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Markets 1. India's ESG bond market picks up as global and domestic push align: Vineet Agrawal of Jiraaf Tired of too many ads? Remove Ads India's fixed income landscape is undergoing a silent transformation. Once dominated by institutions and high-net-worth individuals, the corporate bond market is now beginning to attract the attention of retail investors — thanks in large part to recent regulatory reforms by Aggarwal, Founder & Group CEO of Grip, explains how measures such as the reduction in minimum ticket sizes, improved transparency, and digital access are driving wider traditional instruments like FDs lose their edge, retail investors are finally exploring corporate bonds for better yield, safety, and diversification. Edited Excerpts –A) The current decrease in interest rates is increasing the appeal of bond issuances for government entities and companies to raise are increasingly turning to the bond market, with a higher preference for short-term bonds, as banks have been slow in passing on previous rate to a primary database, corporations issued ₹61,200 crore in in up to five-year bonds in May 2025, which is about three times the amount of money raised for the same period in May periods of declining interest rates in India have seen a surge in bond issuances. For instance, in 2020-2021, when RBI cut rates aggressively, corporate bond issuances rose to record levels as issuers locked in lower borrowing to statistics from Prime Database, Indian companies raised ₹987 Bn ($11.68 billion) through bond sales in April 2025, attracted by the relative comfort of the local markets and alluring interest rates. That was the highest on record for the first month of a financial market broadly anticipates that the Reserve Bank of India (RBI) will reduce policy rates further in the coming months, as inflation remains issuance is anticipated to be further stimulated by lower rates, which will also increase the value of existing bonds with greater yields, thereby benefiting investors through capital appreciation.A) Corporate bond issuance in India is expected to see a significant increase in the coming quarters, driven by a series of recent and anticipated rate cuts by the its continuous attempts to boost economic recovery and revive credit demand, the RBI has enacted a number of repo rate cuts in 2025, including a 25-basis point cut in April that brought the rate down to 6.00%, following an earlier cut in February. This is lowering the borrowing costs for inflation cools and monetary policy turns accommodative, more corporates are tapping the bond market to refinance existing high-cost debt, fund capex and working capital needs. In FY25, companies raised over ₹9.9 Trillion through corporate bonds, reaching a record with strong liquidity and investor interest for higher-yielding products, market circumstances may be quite supportive of increased primary bond activity in the coming quarters.A) With the recent interest rate cuts, the short-term secured bonds have grown in popularity among investors. Short-term bonds expiring within five years accounted for more than half of the new bond-securitised debt issued in May, up from one-third in April.5 Following factors can be attributed driving this trend:a. Rate cut anticipation: Companies are opting for shorter maturity bonds to avoid locking in at current rates in the anticipation of rate cuts when cheaper financing could be available.b. Liquidity Infusion: Since late 2024, the RBI's actions to increase banking system liquidity have primarily benefited non-banking financial companies (NBFCs), allowing them to borrow more through short-term bonds.c. Yield Advantage: Short-term secured bonds now yield much more (up to 80 basis points) than similar government securities, making them appealing to businesses and investors.d. Hedging Against Uncertainty: As the long-term interest rate trajectory and macroeconomic environment remain unpredictable, issuers and investors choose short-term instruments.e. Flexible Funding: Short-term bonds provide for quick refinancing or bridge funding without tying in money for an extended period.A) Till 2023 this market saw limited participation from retail investors with 99.5% of the market being driven by institutional investors. The primary barrier being a minimum investment amount of INR 10 institutional investors still dominate the short-term corporate bond space, retail participation is gradually increasing. Recent regulatory changes by SEBI in 2023 have transformed the fixed income investment landscape, making it far more accessible and attractive for retail Excluding transaction sizes greater than 50L (which could indicatively fall into institutional transactions)• Low Minimum Investment Amount: Minimum investment thresholds were significantly reduced, with most listed bonds now accessible for ₹10,000 with some bonds also available at ₹1,000, encouraging broader participation.• Greater Transparency: Issuers are now subject to stricter credit rating and disclosure norms, empowering investors to make well-informed decisions using independent reports.• Secure Settlements: All investments are enabled only via the stock exchange with T+1 settlement in the clients' demat accounts.• Enhanced Liquidity for Clients: Introduction of demat settlements via exchanges has increased liquidity, allowing investors to exit investments more easily.• Tax Incentives: TDS on bonds has been exempted up to ₹10,000 annually per issuer.A) The green bond market has experienced significant growth in the last several years, with positive year-over-year growth every year since 20118. In 2024, globally, the green bonds market achieves record levels of issuance and outperformed the conventional bond market by close to 2%.In India, the momentum picked up after SEBI issued green bond guidelines in 2017. The Government of India began issuing Sovereign Green Bonds (SGrBs) in FY 2022-23, raising a total of ₹57,697 crore through FY mutual funds, banks, and insurance companies are increasingly integrating ESG considerations into their portfolios, driven by regulatory encouragement and global best are also drawn by the dual promise of measurable social, environmental impact and financial stability provided by SEBI's strict disclosure and verification renewable energy leaders (Azure Power, ReNew, Adani Green, etc.) have issued green bonds, and others are entering the sustainability bond recent introduction of SEBI's ESG and sustainability-linked bond framework is expected to unlock new capital-raising opportunities across a range of following categories of issuers are especially well-positioned to benefit from and drive this evolving market:a. Infrastructure and Construction: Companies engaged in large-scale infrastructure projects such as urban transport systems, highways, smart cities, water supply, and sanitation are strong candidates for ESG or sustainability-linked bond issuances.b. Renewable Energy and Clean Technology: Firms operating in solar, wind, hydro, bioenergy, energy storage, and electric mobility stand to benefit the most. These sectors directly contribute to India's Nationally Determined Contributions (NDCs) and net-zero targets, making them ideal for green bond issuance.c. Affordable Housing, Healthcare, and Social Infrastructure: Issuers involved in building affordable housing, healthcare facilities, sanitation, education infrastructure, and gender-focused programs are natural fits for social bonds and sustainability-linked instruments.d. Financial Services (BFSI): Banks and non-banking financial companies with established ESG policies are well-positioned to issue ESG bonds or serve as intermediaries, channeling funds to underlying green and social projects.e. Large Listed Corporates: Publicly listed companies already complying with SEBI's Business Responsibility and Sustainability Reporting (BRSR) requirements particularly those in the top 1,000 listed entities are better equipped to meet the data, disclosure, and governance demands of ESG bonds.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
India Today
6 days ago
- Business
- India Today
IPO season heating up with Rs 2.58 lakh crore in queue: Is Dalal Street ready?
India's IPO market is witnessing a fresh wave of activity, with companies rushing to raise funds. After a steady first half, the second half of 2025 is expected to be packed with major public issues. In July alone, 11 mainboard IPOs have either been listed or are set to include names such as Sri Lotus Developers & Realty, Laxmi India Finance, Shanti Gold International, Brigade Hotel Ventures, GNG Electronics, Indiqube Spaces, PropShare Titania (Property Share Investment Trust), Anthem Biosciences, Smartworks Coworking Spaces, Crizac Ltd, and Travel Food Services WORTH RS 2.58 LAKH CRORE IN THE PIPELINEAccording to data from Prime Database, IPOs worth Rs 1.15 lakh crore have already been approved by the Securities and Exchange Board of India (Sebi) and are waiting for favourable market conditions to addition, IPO proposals worth another Rs 1.43 lakh crore are under Sebi's review. This puts the total IPO pipeline at Rs 2.58 lakh large offers are expected to drive this phase, including Tata Capital's Rs 17,200-crore IPO, LG Electronics' Rs 15,000-crore issue, and Groww's Rs 5,950-crore share sale. Other upcoming names include Meesho, fintech unicorn PhonePe, Boat, WeWork India, Lenskart, Shadowfax, and Physics firms are looking to raise between Rs 1,500 crore and Rs 9,000 crore. Others in line include Pine Labs, Amagi, Wakefit, Urban Company, TableSpace and Shiprocket.A STRONG FIRST HALF, BUT BIGGER ISSUES COMINGThe first six months of 2025 (January–June) saw 26 companies raise Rs 52,200 crore via biggest issue was HDB Financial Services, which mopped up Rs 12,500 crore. For comparison, 2024 saw 90 IPOs raising a total of Rs 1.60 lakh crore. The first half of 2024 had 34 IPOs that raised Rs 29,608 crore, while the second half brought in Rs 1.30 lakh crore through 56 makes the current pipeline stand out is not just the number of companies planning IPOs, but also the size of their issues. Many of the firms are backed by private equity and venture capital investors, and are now eyeing the public market as an exit route.'IPOs are picking up as many PE funds are nearing the end of their life cycle and need exits,' said Mihir Vora, chief investment officer at Trust Mutual Fund, speaking to The Economic FUNDS PLAY A KEY ROLEThe surge in IPO activity is also being supported by mutual funds, which are deploying capital more aggressively in the primary market due to high valuations in the secondary the 12 months to June 30, equity mutual fund assets grew by 22%, rising from Rs 26.82 lakh crore to Rs 32.69 lakh crore. Systematic investment plans (SIPs) are adding around Rs 27,000 crore every month to equity-oriented schemes. This steady inflow gives mutual funds a regular supply of capital to participate in IPOs."The growth in fundraising through IPOs has been on the back of growing investor participation, both retail and institutional, as well as retail through institutional, particularly mutual funds," Bhavesh Shah, managing director and head of investment banking at Equirus Capital told ET. RETAIL INVESTORS AND SENTIMENT BOOSTRetail investors too have shown strong interest in several recent IPOs, with many being oversubscribed within hours. Positive listing gains for some companies have further improved sentiment. The high demand is a mix of long-term investing interest and short-term listing gains, although experts caution that not all issues will deliver strong many companies rushing to complete their listings before the financial year-end and a stable economic outlook, the rest of 2025 may see a record number of public issues, provided market conditions stay favourable. - EndsMust Watch advertisement
News18
6 days ago
- Business
- News18
IPO Wave Incoming: Tata, LG Among Big Names In India's Rs 2.58 Lakh Crore Pipeline
Last Updated: India's primary market is set for a blockbuster second half of 2025, with IPOs worth over Rs 2.58 lakh crore in the pipeline Upcoming IPOs: India's primary market is set for a blockbuster second half of 2025, with initial public offerings (IPOs) worth over Rs 2.58 lakh crore in the pipeline. From Tata Capital's Rs 17,200 crore offer and LG Electronics India's Rs 15,000 crore issue to Groww's Rs 5,950 crore share sale, a wave of large-scale listings is expected to hit Dalal Street. According to Prime Database, IPOs worth Rs 1.15 lakh crore have already secured approval from the Securities and Exchange Board of India (SEBI), while another Rs 1.43 lakh crore in share sale proposals await regulatory clearance. Among the most anticipated listings is LG Electronics India, a wholly owned arm of South Korea's LG Electronics, which plans to raise Rs 15,000 crore. Financial services companies, new-age startups, and unicorns are also lining up to tap public markets. Several firms are preparing their listings, including Dorf Ketal Chemicals and Credila Financial Services, each planning to raise Rs 5,000 crore. Others in the queue include JSW Cement and SMPP Ltd (Rs 4,000 crore each), Hero Fincorp (Rs 3,668 crore), NSDL (Rs 3,400 crore), and Continuum Green Energy (Rs 3,650 crore). So far in 2025, up to July 2, 90 companies have filed their Draft Red Herring Prospectus (DRHP) with SEBI. These firms collectively aim to raise around Rs 1.17 lakh crore, signaling strong IPO momentum. Tata Capital Ltd leads with the largest proposed IPO at Rs 17,200 crore. Other major names in the IPO pipeline include Meesho Ltd (Rs 4,250 crore), PhysicsWallah Ltd (Rs 4,000 crore), Orkla India Pvt Ltd (Rs 3,200 crore), Juniper Green Energy, and Tenneco Clean Air India Ltd (Rs 3,000 crore each). Last week, ICICI Prudential Asset Management Company filed draft papers with SEBI for a Rs 10,000 crore IPO, potentially making it one of the largest asset management listings in India. 'The IPO pipeline is the largest it has ever been in the Indian market. Unless there is major negative news flow, I expect a very strong second half of the year," said Pranav Haldea, Managing Director at Prime Database Group. 18 Approved Companies Yet to Launch IPOs Out of the 71 companies that have already received SEBI approval in 2024, 18 are yet to proceed with their IPOs. Analysts say lukewarm feedback from the grey market or investor caution may be reasons for the delay. Haldea noted potential valuation mismatches, market feedback, or internal strategy changes as possible causes for the hesitation. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, added that many firms became cautious after the market correction of nearly 20% following the September 2024 peak.'When markets correct from their highs, companies tend to wait for better conditions despite already having SEBI approvals," he said. Rs 46,000 Crore Raised in H1 2025 Despite global headwinds and geopolitical uncertainty, India's IPO market remained resilient in the first half of 2025. As of July 2, 25 companies had raised more than Rs 46,000 crore. Among the standout listings was HDB Financial Services, which raised Rs 12,500 crore in June—marking the largest IPO by a non-banking finance company and the biggest since Hyundai Motor India's Rs 27,870 crore offering in 2024. Buoyant Sentiment Drives IPO Rush The surge in IPOs is supported by strong macroeconomic fundamentals, low inflation, stable policy environment, and robust retail participation.'Primary markets tend to mirror the sentiment of the secondary markets. Since April, we've seen rising optimism, which is clearly reflected in IPO activity," Haldea said. Looking ahead, experts believe India's IPO market is well-positioned to set new records in 2025, driven by renewed investor confidence and the planned listing of several high-quality companies. tags : IPO view comments Location : New Delhi, India, India First Published: July 23, 2025, 07:39 IST News business » ipo IPO Wave Incoming: Tata, LG Among Big Names In India's Rs 2.58 Lakh Crore Pipeline Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
6 days ago
- Business
- Time of India
India's IPO market set to soar with Rs 2.58 lakh crore offerings in pipeline
India's primary market is set for a significant IPO surge in the remainder of 2025, with over ₹2.58 lakh crore worth of offerings in the pipeline, driven by financial services firms, startups, and unicorns. Strong investor participation, particularly from mutual funds fueled by consistent equity scheme inflows, and private equity firms seeking exits are contributing to this robust IPO activity. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: From Tata Capital's ₹17,200-crore offer and LG Electronics' ₹15,000-crore issue to Groww's ₹5,950-crore share sale - India's primary market is gearing up for a blockbuster round of initial public offerings (IPOs) in the rest of 2025. Financial services firms, startups, unicorns and others are among those preparing to list on the domestic to data from Prime Database, IPOs worth ₹1.15 lakh crore have received approval from the Securities and Exchange Board of India (Sebi) and are awaiting market entry. Another ₹1.43 lakh crore of share sale proposals are awaiting regulatory ₹2.58 lakh crore of offerings are in the the first half of 2025 (January-June), 26 companies raised ₹52,200 crore. The largest among them was HDB Financial Services , which raised ₹12,500 crore. The pipeline for 2025 includes new age businesses such as Meesho, fintech unicorn PhonePe, Boat, WeWork India, Lenskart, Shadowfax, Groww and Physics Wallah, among sizes are expected in the range of ₹1,500 crore to ₹9,000 crore. Pine Labs, Amagi, Wakefit, Urban Company, TableSpace and Shiprocket are among the other firms looking to raise money through the first half of 2024, 34 public offerings were launched, collectively raising ₹29,607.95 crore, and in the second half, 56 hit the market, mobilising ₹1.30 lakh calendar year 2024 saw a total of 90 IPOs raising Rs 1.60 lakh crore, according to strong pipeline of issuances is driven by confidence that investor appetite for IPOs remains strong."The growth in fundraising through IPOs has been on the back of growing investor participation, both retail and institutional, as well as retail through institutional, particularly mutual funds," said Bhavesh Shah, managing director and head of investment banking , Equirus funds, armed with a continuous flow of money into equity schemes, have been among the top participants in IPOs, as rich valuations in the secondary market have prompted money managers to deploy money in these the past 12 months to June 30, equity scheme assets grew 22% from Rs 26.82 lakh crore to Rs 32.69 lakh crore. About Rs 27,000 crore gets added to equity-oriented schemes each month by way of systematic investment plans (SIPs).Several IPOs have been driven by private equity firms nearing the end of their fund cycles, triggering a wave of exit activity."IPOs are picking up as many PE funds are nearing the end of their life cycle and need exits," said Mihir Vora, chief investment officer at Trust Mutual Fund.
