India

HDFC Standard Life Insurance Co is set to price its IPO at the top of guidance to raise Rp86.95bn ($1.3bn), having closed books nearly five times subscribed, according to a banker on the deal.

Punjab National Bank has hired six firms to lead a Rp50bn ($770m) qualified institutional placement, as the Indian lender looks to bolster its balance sheet.

Qatari investor Three Pillars has bagged Rp96bn ($1.48bn) after offloading a chunk of shares in global telecommunication company Bharti Airtel, according to a source close to the deal.

A £640m ($839m) refinancing for Tata Motors has entered the senior phase of distribution with seven banks running the deal.

India’s ICICI Bank said on Tuesday it will move ahead with a plan to list ICICI Securities, its investment banking and brokerage arm, in a possible Rp30bn ($461m) IPO.

HDFC Standard Life Insurance Co got off to a flying start with its Rp86.9bn ($1.3bn) IPO in India, as books opened on Tuesday following a hugely successful anchor investor process.

New India Assurance Co (NIA) and Mahindra Logistics will both price their IPOs at the top end of guidance, pocketing a combined Rp104.3bn ($1.6bn) from equity investors.

Indian agrochemical producer Crystal Crop Protection has lined up a quartet of local and international firms to lead its potential Rp10bn ($154.8m) IPO, according to a banker on the mandate.

Two Indian IPOs opened this week to a rousing reception from investors, with both transactions covered soon after they kicked off.

India’s Mahindra & Mahindra Financial Services has hired four banks to manage a Rp10bn ($155m) primary capital increase this year, sources close to the matter said.

The government-backed New India Assurance Co (NIA) has launched a three day bookbuild for its IPO, which could raise up to Rp96bn ($1.5bn).

India’s Mahindra Logistics attracted 15 anchor investors before opening the order book for its Rp8.3bn ($128.1m) IPO on Tuesday.