Indian logistics firm Delhivery and digital signature certificate provider eMudhra Ltd are set to go public this month, close on the heels of insurance behemoth Life Insurance Corporation‘s (LIC) initial public offering (IPO), which is expected to raise the largest funds in an IPO, if successful.
Global IPO activity has slowed down recently as the Russian invasion of Ukraine and rising interest rates spurred market volatility. After a spectacular run in 2021, India’s primary market has also been off to a slow start this year, with only three companies— Adani Wilmar Ltd, Vedant Fashions Ltd and AGS Transact Technologies Ltd — raising ₹7,819 crore ($1.08 billion) through IPOs so far, according to data from primary market tracker Prime Database. In comparison, there were 10 IPOs in the first two-and-a-half months of last year. However, Nomura Holdings expects IPO offerings in India to regain momentum in the second half of this year as indicated by increasing activity in secondary share sales.