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Share sales by listed Indian corporations are at a three-year excessive, and JPMorgan Chase & Co. is correct on prime of it.
The US financial institution has labored on the 2 largest follow-on choices in India this yr and at present holds a 19% market share, in keeping with Bloomberg League Tables. It’s the primary time JPMorgan has topped the ranks since not less than 2009, having virtually tripled its share from final yr. Citigroup Inc. often dominates this market, rating primary in seven of the previous 11 years, the tables present.
Companies have raised $15.5 billion by extra share sales in India this yr, essentially the most since 2017, when corporations offered $18.7 billion value of inventory, information compiled by Bloomberg present. Bankers are relying on the market to stay busy, as firms — particularly banks — search funds to shore up stability sheets hit by the coronavirus epidemic, whereas shareholders look to promote stakes to fulfill regulatory necessities. Additional choices by monetary firms account for about half of the yr’s issuance, the information present.
The newest deal JPMorgan labored on was a $1.four billion block commerce in Bandhan Bank Ltd. on Monday, including to a string of share sales by lenders lately. The largest follow-on providing of the yr to date has been a $3.Three billion sale of GlaxoSmithKline’s stake in Unilever’s Indian unit, which JPMorgan suggested on along with HSBC and Morgan Stanley.
While India usually might not have the regular stream of offers seen in markets like China, it does have chunky choices for banks to become involved in. The Hindustan Unilever Ltd. deal was Asia’s largest extra share sale of the yr, whereas the area’s greatest rights providing additionally was from an Indian firm, Reliance Industries Ltd. The conglomerate managed by Asia’s richest man raised $7 billion by a rights difficulty in May.
UPCOMING LISTINGS:
■ Hangzhou Tigermed Consulting Co.
- Hong Kong inventory change
- Size $1.38b
- Listing Aug. 7
- BofA, Haitong, CLSA, CICC
■ KE Holdings Inc.
- New York Stock Exchange
- Size about $2b
- Filed July 24
- Goldman Sachs, Morgan Stanley, China Renaissance, JP Morgan
■ Gland Pharma Ltd.
- India inventory exchanges
- Filed July 10
- Citi, Haitong, Nomura, Kotak
■ Mindspace REIT
- India inventory exchanges
- Size as much as $598m
- Books had been open July 27-29, itemizing round Aug. 12
- Morgan Stanley, BofA, Axis Capital, Citi, JM Financial, Kotak Mahindra, CLSA, Nomura, UBS, Ambit Capital, HDFC Bank, IDFC Bank, ICICI Securities
■ AREIT
- Philippines inventory change
- Raised $250m
- Trading Aug. 13
- BPI Capital, UBS
More ECM transactions we’re following:
- Two firms begin subscriptions for their ChiNext IPOs on Tuesday, the primary batch of listings beneath relaxed guidelines. One of them units the worth on the highest degree for the reason that board was launched in 2009.
- Kakao Games will elevate as much as 384 billion received in an IPO by promoting 16 million new shares at 20,000-24,000 received every.
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