South Asia

India’s Avenue Supermarts launched bookbuilding for its potential Rp18.7bn ($280.6m) IPO on Wednesday, managing to cover it by the second day.

Eros International failed to price its new dollar bond on Tuesday, as the high yield market stuttered and investors pushed back on pricing for the Indian film maker’s international debut.

India’s Avenue Supermarts has opened the gates to its potential Rp18.7bn ($280.6m) IPO after securing nearly a third of the offering with anchor investors.

Daewoo Pakistan Express Bus Service is planning an up to $48m IPO in the country amid expectations of a pick up in share sales this year.

State Bank of India has increased its latest fundraising in the syndicated loan market to $750m, fully exercising a $150m greenshoe. Allocations to the foreign branches of Indian banks accounted for 40% of the final facility.

Indian film maker and distributor Eros International has launched its maiden dollar bond with books building quickly during the Asia morning, as it competes with Export-Import Bank of China.

India’s Power Finance Corp has reached out to overseas lenders for a $100m-equivalent borrowing in euros. Its request for 10 year money follows an attempt at a fundraising in 2016 that was scrapped because of mandatory hedging requirements.

Sri Lanka has sent out a request for proposals for its 2017 fundraising in the international bond market, giving firms until 3pm local time on Thursday to respond.

Hindalco Industries’ Rp33.4bn ($500m) overnight fundraising was an unqualified success, with some $1.5bn of orders flooding in from global accounts, according to bankers on the trade.

ICICI Bank made an opportunistic move on Thursday, snagging a 5.5 year bond at the tightest spread for an Indian lender in nearly a decade.

Apollo Hospitals Enterprise continued the run of block trades in India with a Rp10.7bn ($160m) transaction closing well covered on Friday, although its shares took a hit in secondary.

Hindalco Industries’ qualified institutional placement, which launched on Thursday night in India to raise up to Rp33.4bn ($500m), is set to price with no discount to the last close, bankers on the deal said.