INDIA BUSINESS WORLD - JULY 1st - JULY 31st - 2008
INDIA GARNERS $4 BN FROM IPOS IN FIRST THREE MONTHS OF 08
The credit crunch and ensuing financial turmoil notwithstanding, emerging markets continue to drive IPOs globally with India accounting for one-third of the total amount raked in by BRIC nations in the first three months of 2008. According to global consultancy firm Ernst & Young, Brazil, Russia, India and China (BRIC) countries together raised $13 billion through IPOs in the first quarter of this year and India chipped in with $4 billion from 16 public offerings. During this period, $41 billion was raised through 236 IPOs across the world. The credit crunch and volatile market conditions have inevitably led to a slowdown in global IPO activity. Seeing the impact on the overall global IPO market performance, Indian IPO markets have done reasonably well. When markets stabilise, the key drivers of Indian markets will be exit-seeking PE firms and companies in the infrastructure, real estate and energy sectors, R Balachander, Partner & IPO Leader (Strategic Growth Markets) Ernst & Young, India, said in a statement. Even as the mature markets experienced slowdown, emerging markets, especially BRIC economies, are continuing to drive the global IPO appetite. In the first three months, BRIC nations raised $13 billion through 47 IPO, Ernst & Young noted.
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