191 In a departure from the global trend, India is experiencing a surge in initial public offerings (IPOs) driven by a rebounding economy and growing investor confidence. Projections indicate that by the end of the year, India is set to host over 200 IPOs, solidifying its position as a global leader in new offerings for 2023. A report by EY highlights that the third quarter alone witnessed 21 new listings on India’s main market, raising an impressive $1.77 billion. This starkly contrasts with the previous year when only four IPOs managed to raise $372 million. The upswing in IPO activity, gaining momentum from around April, represents a remarkable turnaround for India’s public markets. Earlier in the year, investor confidence took a hit when short sellers Hindenburg Research accused the multinational Adani Group of accounting malpractice, causing share prices to plummet and triggering concerns of contagion. The recent surge in IPOs has been particularly prominent in sectors such as industrial products, technology, consumer products, and retail. Notable IPOs in the third quarter included cable maker RR Kable, Concord Biotech, and Samhi Hotels. This momentum continued into November, with an unusually high number of offerings. As of the latest update, five companies are poised to go public, collectively aiming to raise approximately $840 million in a single week. Tata Technologies, the engineering and research unit of the conglomerate Tata Group, holds significance as it is the first Tata unit to go public in two decades, with an anticipated valuation of $2.5 billion at a share price range of 475 to 500 rupees. Another noteworthy upcoming IPO is Ola Electric, a Softbank-backed electric vehicle maker, reportedly preparing to file for an IPO in the coming weeks with an expected valuation of $700 million. EY’s projections suggest that India is poised to ride the IPO wave at least until the latter half of 2024, reflecting the sustained positive economic activity, both domestically and internationally, along with the favorable sentiment of investors towards India. You Might Be Interested In FSB Urges Swift Reforms Amid Persistent Global Financial Vulnerabilities Uganda’s Biometric ID Rollout May Face Funding Challenges, Say Lawmakers Perfios Emerges as India’s Second Unicorn of 2024 with $80 Million Funding Elon Musk Proposes Robotaxi Testing in China, State Media Reports US Trade Deficit Narrows to Smallest in Nearly Two Years Philippines’ 2023 GDP Growth at 5.6% Misses Official Target
