Flood of IPOs expected from India firms this year

BOMBAY: The strong investor response to some US$3bil worth of recent government share sales is expected to embolden India’s private sector firms to storm the market with a slew of initial public offerings (IPOs) later this year. 

Bankers expect Indian firms to raise a record US$5bil or more via equity sales in 2004, with many of them tapping the Bombay stock market for the first time. Analysts say many will be taking their cue from the government, in particular its record sale of shares in Oil and Natural Gas Corp (ONGC).