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Of 38 global listings in the past two weeks, 34 were in Asia Pacific, according to data compiled by Bloomberg. The Americas followed with three newcomers, while the Middle East saw one and Europe had none, the data show | Photo: Bloomberg
By Filipe Pacheco
Most IPO debuts so far this year have been on exchanges in Asia Pacific, with India’s equity market hosting more listings than other regional peers.
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India has been the most active, extending last year’s record for debuts, as companies take advantage of valuations boosted by an equities frenzy and earnings prospects. China, where average size-per-listing is typically larger, is seeing a gradual pick up in offerings after last year’s decline when the country faced economic woes and tighter regulatory scrutiny.
While listings across Asia could see a boost from fewer economic constraints in 2024, India has “lots of interesting companies, big companies that could bring billion-dollar IPOs to the market” this year, said Udhay Furtado, co-head of ECM Asia Pacific at Citigroup, in an interview with Bloomberg Television.
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Jyoti CNC Automation, a Gujarat-based maker of metal cutting CNC machines, starts trading in Mumbai today after a 10 billion rupees offering that was 38 times oversubscribed. It’s the second-largest IPO in India so far this year after Sustainable Energy Infra Trust, listed on Monday, raised $273 million.
First Published: Jan 16 2024 | 1:01 PM IST