'India Inc raised $3.8 bn through 19 IPOs in January-June this year'

New Delhi: Corporate India raised $3.8 billion through 19 IPOs in the first half of this year, largely driven by stable equity equity markets, says a report.

According to Grant Thornton, increased activity in the IPO space is expected as the IPO ecosystem is evolving at a rapid pace and several companies are looking to list this year.

As per the report, $3.8 billion was raised across 19 IPOs during the first six month of this year with values increasing by nearly three fold over the corresponding period last year (January-June 2017).

The biggest public issue was floated by Bandhan Bank, which raised $699 million followed by Hindustan Aeronautics ($661 million) and ICICI Securities Ltd ($618 million).

The top sectors that raised IPOs in the first half of this year were manufacturing, with seven companies raising $0.6 billion, followed by banking, with three companies raising $1.6 billion.

The report further noted that 25 Indian firms have mobilised around $2 billion by issuing shares to institutional investors during first half of this year, a 23 per cent drop from January-June 2017.

The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes.

Notable big ticket QIPs witnessed this year included Idea Cellular ($547 million), Housing Development Finance Corporation Limited ($296 million), Jindal Steel & Power Limited ($188 million) and L&T Finance Holdings Limited ($156 million), the report said.