Market for Indian share sales dominated by JPMorgan
According to the Bloomberg League Tables, the US bank has worked on the two largest follow-on offerings in India this year and currently holds a 19% market share. Since 2009, it is first time JPMorgan has topped the charts. Citigroup Inc. usually dominates the market, ranking number in seven of the past eleven years as per the tables.
The latest deal JPMorgan worked on was a $1.4 billion block trade in Bandhan Bank Ltd. on Monday. The largest follow-on this year's offering has been $3.3 billion sale of GlaxoSmithKline's stake in Unilever's Indian unit.
Listing Aug. 7
BofA, Haitong, CLSA, CICC
Size about $2b
Filed July 24
Goldman Sachs, Morgan Stanley, China Renaissance, JP Morgan
Filed July 10
Citi, Haitong, Nomura, Kotak
Size up to $598m
Books were open July 27-29, listing around Aug. 12
Morgan Stanley, BofA, Axis Capital, Citi, JM Financial, Kotak Mahindra, CLSA, Nomura, UBS, Ambit Capital, HDFC Bank, IDFC Bank, ICICI Securities
Trading Aug. 13
BPI Capital, UBS
More ECM transactions we are following:
Two companies start subscriptions for their ChiNext IPOs on Tuesday, the first batch of listings under relaxed rules. One of them sets the price at the highest level since the board was launched in 2009.
Kakao Games will raise up to 384 billion won in an IPO by selling 16 million new shares at 20,000-24,000 won each.