<article>Indian companies raised a total of $2.9 billion in the three months ended 31 March by selling equity and equity-linked securities, a 47.1% increase from a year ago, according to a report by Thomson Reuters.</article>

Indian companies raised a total of $2.9 billion in the three months ended 31 March by selling equity and equity-linked securities, a 47.1% increase from a year ago, according to a report by Thomson Reuters.
In volume terms, equity capital market activity saw a 29.3% increase, with the number of transactions rising to 53 from 41 a year earlier. The Thomson Reuters report captures equity market transactions such as initial public offers (IPO) and follow-on offers, including qualified institutional placements (QIP).
Firms raised $2.3 billion through follow-on offers, a 48.4% increase from a year ago, capturing 80.5% of the India equity capital market (ECM) activity. Yes Bank’s $750.3 million QIP was the biggest follow-on offering in the quarter.
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The increase in overall ECM activity was also a factor of larger sized IPOs hitting the market in the first quarter. IPOs raised a total of $560.4 million, an increase of 41.9% in proceeds from the same period last year. This is the strongest first quarter for Indian IPOs since 2010 ($1.1 billion), according to the report.
Avenue Supermarts Ltd, the owner of D-Mart supermarket chain, was the biggest IPO of the quarter, raising Rs1,870 crore. It’s also the biggest since <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=pnb">PNB Housing Ltd’s </a>Rs3,000 crore IPO in November 2016.
Financial sector issuances accounted for most ECM activity with a 43.6% market share, raising funds worth $1.3 billion.
The materials sector followed in second place with a 19.7% market share worth $567.9 million in proceeds. Technology and retail followed close behind and captured 9.1% and 7% of ECM activity, respectively.
According to the report, Citibank led the adviser league table with a 14.5% market share, underwriting issuances worth $418.6 million. State Bank of India followed with a 13.6% market share worth $390.7 million in related proceeds. <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=bank+of+america">Bank of America Merrill Lynch</a> was third with a 10% market share.
According to Thomson Reuters estimates, India’s equity and equity-linked capital raising generated an estimated fee worth $29.1 million, a 45% increase from the same period last year. <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=kotak">Kotak Mahindra Bank</a> led the advisers for ECM fee rankings with estimated $4.8 million in fee revenue, capturing 16.6% of the wallet share in the quarter.
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<h4 style="text-align: justify;">This article was first published on <a href="http://www.livemint.com/Money/CyVqKYMIklDudEyidDlpZJ/Fundraising-from-equity-markets-up-471-at-29-billion-in.html">Livemint.com</a></h4>

India: Fundraising from equity markets up 47.1% at $2.9b in March quarter

India: Fundraising from equity markets up 47.1% at $2.9b in March quarter

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India: Fundraising from equity markets up 47.1% at $2.9b in March quarter

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