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Indian IPO market ranks 7th in global mop-up
By siliconindia
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Friday, 28 December 2007, 17:20 IST
New Delhi: India was the fifth largest market in terms of number of IPOs and seventh largest in terms of the proceeds for the year 2007, according to data compiled by international consultancy firm Ernst and Young (E&Y).
The worldwide IPO activity raised a record capital of $255 billion till November 2007, including $8.3 billion on Indian bourses, indicate the data.
There were 95 IPOs in the first 11 months, while the preliminary data for the month of December shows that the total number for the year would be more than 100, it noted. China came top with total IPO proceeds of $54.4 billion through 222 issues.
Globally, there were as many as 1,739 IPOs between January and November, while another 91 public issues are estimated to have hit the capital markets during December. The largest IPO of the year came from Russia's VTB Bank, which alone raised $8 billion. In India, the largest IPO of the year was brought by realty giant DLF which raised about $2.3 billion.
E&Y said the strength of India's economy, stock market, corporate profits and private equity fuelled IPOs in 2007. In the previous year, the market had seen 78 IPOs raising $7.23 billion.
The study said 14 of the top 20 IPOs were from emerging Bric markets and the surge in Indian IPO activity was a clear reflection of the growth in the Indian economy and the investor's confidence. Together, the four Bric countries - Brazil, Russia, India and China - have raised $106.5 billion in 382 deals so far this year compared to $89.6 billion raised in 302 deals in the same period of 2006.