Asia Pacific

Avenue Supermarts upended the Indian equity capital market with its IPO, pricing the Rp18.7bn ($281m) deal at the top of expectations after receiving $20bn in orders.

The equity market for Chinese education companies in Hong Kong is heating up, with Minsheng Education Group Co, the first pure play university IPO from the mainland, finishing bookbuilding this week to much success. All the signs show that investors are excited about the sector, writes Jonathan Breen.

Morgan Stanley is predicting capital inflows of $250bn-$300bn into China’s onshore bond market, if major index providers include Chinese government bonds (CGBs) in their benchmark indices. But Moody’s cautioned that uncertainties around capital controls could spoil the party.

Hong Kong-listed Fosun International ventured out with a new offering on Thursday following reverse enquiry and on the back of the FOMC meeting. Sources in the market said secondary markets reacted positively to the rate hike.

The PBoC may be managing to keep the RMB stable this year but the trade policies of new US president Donald Trump and China’s growing corporate debt will continue to pose a challenge, according to think tank OMFIF.

India’s divestment department has extended the date by which banks should submit bids for a lead position on a trio of sell-downs in state-owned railway companies.

IPO volumes from China’s technology, media and telecommunications (TMT) sector are set to dominate global league tables again this year, according to PcW, even as the appeal of onshore floats gains traction.

Hong Kong’s market watchdog has slapped a HK$15m ($1.9m) fine on BoCom International (Asia) for failing to discharge its duties as a sponsor in the listing application of China Huinong Capital Group.

State Bank of India, which allocated its most recent fundraising only a few weeks ago, is back in the market already for a $500m three year facility. A group of 13 lenders is processing approvals to lead the new deal.

Celltrion Healthcare, the marketing affiliate of Korean drug manufacturer Celltrion, has got the go ahead from Korea Exchange to launch its IPO, which could raise up W1tr ($873.4m) according to a source familiar with the matter.

The recent volatility in the bond market ahead of an imminent US interest rate hike did not concern repeat issuer Bank of Communications Financial Leasing Co (BoCom Leasing), which ventured out on Tuesday and printed a $2bn triple trancher, extending its curve to 10 years.

China New Higher Education Group has resubmitted a draft prospectus with the Hong Kong Stock Exchange, looking to follow the stream of Chinese education companies that are listing in the city in 2017.