Longest drought for overseas equity offerings since liberalisation

No overseas equity capital market issues have been seen in the last three years

For over three years now no Indian company has made a direct overseas equity capital market offering, making this the longest such interlude since the country liberalised.

In the 30 years since former prime minister Manmohan Singh’s Budget presentation in July 1991 – when India began relaxing rules around capital markets, making it easier for companies to do business, including by issuing securities – there have been 329 equity issues in foreign markets worth $31.7 billion, shows data from market tracker Prime Database. But, the last three of those years have seen zero issues.

Digital payments provider Pine Labs is