India is heading for a third record-breaking year of initial public offerings, with a pipeline of multibillion-dollar listings led by the flotation of Reliance Jio Infocomm, which could be the country’s largest ever.
The amount raised by Indian IPOs is poised to surpass last year’s record of just over $20bn, multiple bankers in Mumbai told the FT. The dealmaking comes despite Indian equities’ underperformance against other emerging markets and investor concerns about punishing 50 per cent US tariffs and high stock valuations.
“It’s going to be the best IPO year,” said Jayasankar Venkataraman, managing director of Kotak Investment Bank, a top arranger of Indian listings last year, which expects $27bn of market debuts this year, with a third coming from floats above $1bn in size.