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BENGALURU, March 24 - Indian fundraising via IPOsis at a 13-year high as a flood of foreign money andunprecedented interest from mom-and-pop investors spur morelistings, making India one of the hottest IPO markets in 2021.
Indian companies have raised $2.2 billion through initialpublic offerings (IPOs) so far this year, the highest amountsince 2008, Refinitiv data showed. That follows $9.2 billionlast year, the third biggest behind the United States and China,thanks to a flurry of listings in late 2020.
Heavy foreign investor flows into shares, massive federalspending and strong corporate earnings have driven Indianmarkets to record highs this year, encouraging more firms to tappublic markets.
"If you want to be in Asia, but don't want all your eggs inone basket, the China basket, India is the easiest option to gofor. It's large, liquid, and got a low correlation with China,"said Herald van der Linde, head of Asia equity strategy at HSBC.
The stimulus unleashed by central banks globally in responseto the COVID-19 pandemic also has driven flows from foreigninvestors into many emerging market shares, particularly India,where they have invested $6.1 billion in January-February, thehighest among seven major countries in Asia.
After surging 31% from November 2020 through mid-February2021, India's main NSE Nifty 50 stock index hascorrected slightly in March and some analysts have raisedconcerns over high valuations, but companies filing for IPOsappear unfazed.
"There is a strong momentum in the IPO markets, and we areseeing an increased interest from companies across sectorslooking to raise capital in the near term," said Sandip Khetan,a partner at consultancy EY in Gurugram, India.
Many technology-based Indian startups, backed by marqueeglobal investors, could also go public in the near future, whichwould only attract more foreign investors, Khetan added.
Record levels of participation from Indian individualinvestors, particularly in public listings, has also propped upIPOs.
New investors, as measured by so-called "demat" investoraccounts, reached a record 51.5 million in January, rising byroughly 1 million every month from the 39.5 million in January2020, according to data from the Securities and Exchange Boardof India.
"What you're seeing is local companies are being bought bylocal investors. You could say 'India is buying India'. That's ahealthy trend for IPOs," van der Linde said. REUTERS