India IPO market in 2016 seen hitting 6-year high, with over US$5b raised

Mumbai

INITIAL public offerings (IPOs) in India are set to raise more than US$5 billion in 2016, a six-year high, as corporate profit growth and a pick-up in the economy drive investor demand for equities and lure firms such as Vodafone's local unit to list.

India has been a bright spot in an otherwise dull Asian IPO market in 2015, with companies in the country raising a combined US$2.1 billion, a seven-fold jump over the previous year. In contrast, sums raised by bigger markets such as Hong Kong and Australia have fallen.