After shying away from initial public offerings (IPOs) in recent years, foreign investment banks are getting back in action. Credit Suisse, Citi, Morgan Stanley and Nomura feature among the top 10 investment banks, which have handled the most volume of public share sales in the first half of 2017, Bloomberg data show. Only two foreign banks had made it to the top 10 in the first half of the previous two years.
Domestic investment bank ICICI Securities has topped the league table. Credit Suisse and Citi are second and third followed by Axis Bank and IDFC Bank. Experts say while domestic investment banks have grown in clout, foreign ones are still in demand because they bring in a wider network of investors. Large offerings of over Rs 1,000 crore need a wider reach with foreign investors, which is where foreign investment banks’ expertise proves useful.
The presence of foreign banks in the top 10 is notable, considering many of these had scaled down their operations in recent years.
Six of the 13 companies that hit the market in 2017 have raised nearly Rs 1,000 crore each. Overall, they have mopped Rs 11,800 crore. The year 2016 saw 26 companies coming to the market, and collectively mopped Rs 27,000 crore, the best for IPOs in six years.
The pipeline for the second half remains strong, with issues from insurers and mutual funds waiting to hit the market. The government aims to bring six, including those of GIC Re and New India Assurance.
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