South Asia

Volatility has reigned following the UK’s decision to exit the European Union last Friday. But market participants in Asia are now hopeful that the region’s high yield market will be a new go-to place for investors trying to redeploy their funds away from Europe.

India’s National Stock Exchange is planning to file a draft red herring prospectus by January 2017, according to a statement from the bourse on Monday.

India’s Mahanagar Gas has priced its IPO at the top guidance to a value of Rp10.4bn after a torrent of orders covered the book more than 60x.

India’s Aster DM Healthcare could become the next in a stream of healthcare IPOs in the country as it spies a listing that could raise up to Rp20bn ($294.3m).

Varun Beverages has filed a draft red herring prospectus to list in India, with the IPO slated for the end of the year under leads Axis Capital, Citic CLSA Securities and Kotak Mahindra Capital.

CP Pokphand, part of Thai firm Charoen Pokphand Group, has raised a $600m loan to repay outstanding debt.

HDFC Standard Life Insurance Co looks likely to drop its IPO plans and instead merge with Max Life Insurance Co, finding an opportunity for a backdoor listing.

Seven banks are set to pitch for lead roles in the Indian government’s sell-down of Oil India, which could add Rp19.7bn ($291.7m) to the state’s coffers based on the company’s market capitalisation.

Several equity capital market transactions mooted by the Indian government have ruffled feathers recently, with the mandates for Cochin Shipyard and NMDC delayed due to disagreements on low fees. But the government isn’t the one to blame. If banks want an end to price undercutting, they need to take action.

Mahanagar Gas has opened books for its Rp10.4bn ($154.3m) Indian IPO with a valuation that is less than half the average in the utilities sector.

India’s stock market regulator is looking to offer real estate investment trusts (Reits) a helping hand by simplifying the process of registration and launching of an IPO.

Cochin Shipyard has dished out the mandate for its Rp10bn ($149m) IPO in India to three domestic firms, according to sources.