Insipid, pedestrian, nondescript, stale, pallid, limp.
Choose your word – each one neatly sums up the general state of India’s pre-Covid capital markets.
Year after year, the market underwhelmed. While the likes of the US and China created stock offerings as if they were churning milk, India was a perennial laggard. It was the land where IPOs were always smaller than expected, and where investment banking fees went to die.
How quickly things can change. In the year to August 6, only the US has generated more fresh capital via onshore IPOs: companies completed 189 new share listings in Mumbai in that period, raising $5.8
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