Kalpataru Ltd., Ellenbarrie Industrial Gases Ltd., and Globe Civil Projects Ltd. will start share sale Tuesday. HDB Financial Services Ltd., a unit of India’s biggest private lender HDFC Bank Ltd., is also planning to launch its $1.4 billion IPO Wednesday, Moneycontrol reported this week, citing people it didn’t identify.
The offerings indicate share sales in India are bouncing back after a lull in the first quarter, helped by a 12% rally in the benchmark NSE Nifty 50 Index from its March low. The Reserve Bank of India’s cash infusions into the financial system and a surprise 50-basis-point rate cut this month are also spurring companies to speed up public listing plans.
“India’s secondary market has rebounded in recent weeks, buoyed by strong liquidity. With a strong secondary market, IPOs fairly priced may see good demand from both domestic and foreign investors,” said V Jayasankar, managing director, Kotak Investment Banking.
HDB’s IPO will be the largest offering in the nation’s equity market since Hyundai Motor India Ltd.’s $3.3 billion deal last year. Industrial gas supplier Ellenbarrie is looking to raise as much as 8.52 billion rupees, while Mumbai-based real estate developer Kalpataru is seeking to raise as much as 15.9 billion rupees
Meanwhile, LG Electronics Inc. is also considering reviving an IPO of its Indian unit as soon as September, people familiar with the matter said
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