Now Reading: Nomura and BofA see busy second half for Indian capital markets
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Nomura and BofA see busy second half for Indian capital markets
Nomura and BofA see busy second half for Indian capital markets
Nomura and BofA Securities expect a strong second half for Indian capital markets, with both investment banks citing robust pipelines across public and private deals. Nomura's Amit Thawani said QIPs and block deals are surpassing IPOs this year as companies tap markets through smaller issues, while global buyout funds with dry powder continue hunting large India opportunities. BofA's Mandar Donde said IPO activity is poised to catch up with 2024 levels despite a slow start to 2025, with large MNCs such as Jio Platforms preparing listings.
Nomura has worked on Ather Energy's QIP, Sterlite Technologies' QIP, and Dhoot Transmissions' listing, and is bullish on financials, consumer, healthcare, enterprise tech, and industrials. BofA has advised on SBI Funds Management's IPO and Jio Platforms' upcoming listing, and sees opportunity in industrials, TMT, healthcare, renewables, and semiconductors. Both banks noted India's deep domestic investor base as a structural advantage, though foreign investors remain selective due to high valuations.
The key number to watch is the QIP-block deal total versus IPO volume, and Jio Platforms' listing in the next quarter.
Indian Opinion Analysis
Both Nomura and BofA Securities project a busy second half for Indian capital markets, but they frame it differently. Nomura emphasises the shift toward QIPs and blocks as companies raise smaller sums, while BofA focuses on a rebound in IPO fundraising to match 2024 levels. Nomura leads with buyout funds scouting India, BofA leads with MNCs listing local arms. Neither outlet highlights risks such as FII outflows or high valuations, which BofA notes only in passing. The consensus: India's domestic investor base is a structural advantage, but the real test of market depth will come when global liquidity tightens. Watch the Jio Platforms listing this quarter.
Coverage: 2 sources, 2 neutral
Sources (2): livemint.com (neutral report), livemint.com (2) (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
Updated: this story now draws on 2 sources.
