India

Housing Development Finance Corp (HDFC) is among a swathe of Indian issuers preparing to sell offshore rupee bonds in the coming months, a funding official said.

Indian Overseas Bank, a state-owned lender, plans to hire three firms to help it raise Rp10bn ($156m) from a qualified institutional placement, according to a request for proposals.

Aster DM Healthcare is set to launch its Rp9.8bn ($152.7m) IPO in India next week, after only its latest attempt to scale back the deal size and change the syndicate group.

Mobile gaming company Nazara Technologies is planning to float on India’s stock exchanges through an offer-for-sale (OFS) of secondary equity, and has filed a draft prospectus with the market regulator.

India plans to monetise its highway assets by packaging them into infrastructure investment trusts (InvITs) for IPOs, the government said during its annual budget presentation.

Indian specialist chemical producer Galaxy Surfactants closed books for its IPO on Wednesday and is set to raise Rp9.4bn ($146.9m) after the deal was multiple times covered by institutional investors.

The Indian government plans to merge three public sector general insurance companies into a single entity and float it on the stock exchange, finance minister Arun Jaitley said during the annual Union Budget on Thursday.

Indian brokerage JM Financial is set to bag Rp6.5bn ($101.8m) from a qualified institutional placement with no discount to its market price, as investors jostled for the shares.

Indiabulls Housing Finance brought the first social offshore rupee bond to the market on Tuesday, raising Rp3.15bn ($49.48m) through a private placement.

India’s Yes Bank raised $600m in its first offshore bond sale on Monday, as it makes international strides through its new banking unit.

A recent syndication for Omani borrower Bank Sohar made market observers take notice, thanks to the presence of Axis Bank at the top group, reflecting Indian banks’ rising eagerness to provide liquidity for foreign currency deals. Yet the country rarely features in the roadshow schedule for fundraisings — an oversight that banks should rapidly correct.

Indiabulls Housing Finance is looking to borrow an up to $200m five year loan to replace an identical fundraising from September 2016.