Equity rout adds to pressure on Indian ECM

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By John Loh
11 Oct 2018

A chill wind is blowing through the Indian equity markets that is likely to spill over into next year, as the combination of national elections and a liquidity crunch puts investors off primary offerings. John Loh writes.

Overall ECM deal flow from Indian issuers has already plunged 26% year-to-date from $19.0bn to $13.9bn, according to Dealogic. Follow-on offerings took the brunt of the fall with a 33% drop as IPO issuance tumbled 15%.

While the end of the year can typically be a bumper season ...

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