Bankers brace for IPO surge as elections end

Growth engine: Steel being forged in a factory in Hooghly, India. Activity in the equity market is expected to rise sharply now that the country’s elections are over. — Reuters

New Delhi: India has turned into Asia’s hottest market for share sales including initial public offerings (IPOs), and as elections come to a close, a bumper crop of deals is poised to set a record as investors seek to tap the rapid growth in the region’s third-largest economy.

About US$3.9bil has been raised in India via IPOs so far this year, more than double the same period in 2023, and a tally that’s higher than the combined amount raised in South Korea and Hong Kong, according to data compiled by Bloomberg.