Corporate India raises $3.8 bn through 19 IPOs during January-June this year: Grant Thornton report

The biggest public issue was floated by Bandhan Bank, which raised $699 million followed by Hindustan Aeronautics ($661 million) and ICICI Securities Ltd ($618 million).

Press Trust of India July 17, 2018 15:59:05 IST
Corporate India raises $3.8 bn through 19 IPOs during January-June this year: Grant Thornton report

New Delhi: Corporate India raised $3.8 billion through 19 IPOs in the first half of this year, largely driven by stable equity markets, says a report.

According to Grant Thornton, increased activity in the IPO space is expected as the IPO ecosystem is evolving at a rapid pace and several companies are looking to list this year.

As per the report, $3.8 billion was raised across 19 IPOs during the first six months of this year with values increasing by nearly three-fold over the corresponding period last year (January-June 2017).

Corporate India raises 38 bn through 19 IPOs during JanuaryJune this year Grant Thornton report

Representational image. PTI.

The biggest public issue was floated by Bandhan Bank, which raised $699 million followed by Hindustan Aeronautics ($661 million) and ICICI Securities Ltd ($618 million).

The top sectors that raised IPOs in the first half of this year were manufacturing, with seven companies raising $0.6 billion, followed by banking, with three companies raising $1.6 billion.

The report further noted that 25 Indian firms have mobilised around $2 billion by issuing shares to institutional investors during the first half of this year, a 23 percent drop from January-June 2017.

The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes.

Notable big ticket QIPs witnessed this year included Idea Cellular ($547 million), Housing Development Finance Corporation Limited ($296 million), Jindal Steel & Power Limited ($188 million) and L&T Finance Holdings Limited ($156 million), the report said.

Sector-wise, banking and telecom sector companies raised 60 percent of total capital through this route on the back of four big-ticket transactions, it added.

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