India

ICICI Securities has raised only Rp35.2bn ($543m) from its IPO, short of the original Rp40bn target, after tough pricing led to a poor turnout from local investors.

Lemon Tree Hotels has kicked off bookbuilding for a potential Rp10.4bn ($159.9m) IPO, after placing nearly a third of the shares with anchor investors.

India’s ICICI Securities covered nearly a third of its Rp40.2bn ($617.1m) IPO on the first day of bookbuilding, after the deal was launched with strong support from anchor investors.

Indian state-owned Mangalore Refinery & Petrochemicals is looking to meet its free float requirements with a possible Rp27bn ($410m) equity raise.

Bandhan Bank is set to price its Rp44.7bn ($685.7m) IPO in India at the top of the indicative range following a blowout response, making it the country’s largest float on record by a bank.

Rural Electrification Corp ventured out with a 10 year deal on Thursday, despite recent bonds with the same tenor widening by as much 10bp in the aftermarket. But the Indian issuer was vindicated in its choice, with its notes seeing solid secondary performance.

HDFC Bank sold its debut offshore rupee bond on Thursday, opening an untapped market for Indian banks.

HDFC Asset Management Co is set to kick off investor education for its India IPO, according to a banker working on the deal.

Debt bankers in Asia hit a temporary pause button on Wednesday when no dollar deals were launched, as the market recovered from the overwhelming supply in recent weeks. But it was back to business on Thursday, with issuers braving rough conditions to hit the market.

India’s Tata Sons has raised Rp89.9bn ($1.38bn) after boosting the size of an overnight block sale in Tata Consultancy Services, according to a source close to the deal.

India’s NTPC sold its first dollar bond in two years on Monday, but the market backdrop forced the usually popular issuer to pay up.

Four Asian issuers began marketing dollar deals on Monday, as a number of others started testing buy-side appetite through roadshows. But borrowers will have to temper their expectations on size and price, faced with a choppy market backdrop.