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IPOs to hit market in H1 to raise $14,171 Mn
By siliconindia
New Delhi: Indian market will witness about 34 initial public offers (IPOs) during the first half of 2008 raising an estimated amount of $ 14.17 billion from the capital market, reported the Economic Times. According to the sources it will be an increase of over 300 percent compared to the corresponding period last year.
The move will make India the fastest growing IPO market in the first half of 2008 in the Asia-Pacific region.
Based on a research by Thomson Financial, an arm of The Thomson Corporation, leading information companies, 2008 will also see some mega IPOs getting listed on the Indian exchange such as Reliance Power, and Emaar-MGF. Overall, it is estimated that there will be 143 initial offers in the first six months in the Asia-Pacific region.
India will capture around 26 percent market share to stand on the second pedestal after China ($25.60 billion; 47 percent market share) in the $54.93 billion Asia-Pacific region market in the first half of 2008 added the report.
"Earlier companies used to raise capital overseas where there are more regulatory issues and the cost of compliance high. But now they can raise a considerable sum in the Indian market," said Sanjay Aggarwal, National industry Director, KPMG.
According to Thomson Financial, Reliance Power ($2,500 million) and Emaar MGF ($1500 million) will be the second and fifth biggest IPOs in the Asia-Pacific region
Other prominent IPOs expected to hit the capital market in India include Air India, DLF Asssets , Coal India, and GSPC .
By the first half of 2008, Thomson Financial estimates Indian power companies to be the second most active after financials ($6.2 billion from 10 issues) in the IPO market. Indian IPOs have reached a record year in 2007 where $8.3 billion from 90 issues were launched, which is an increase of 75 percent.
Currently, India ranks ninth in the IPO market and the IPO burst is expected to propel India to sixth position ahead of South Korea, Australia and Hong Kong.