上半年印度IPO市场失速，下半年能否重拾动力？

Core Viewpoint - Analysts expect that the momentum for IPOs in India will regain strength in the second half of the year, although valuations of listed companies are anticipated to normalize gradually [1][5]. Group 1: IPO Market Performance - The number of IPOs in India has slowed down significantly, with only 99 IPOs so far this year compared to 147 in the same period last year [3][4]. - Investor sentiment has been weak, leading many companies to postpone their IPO plans, despite having received approval from the Securities and Exchange Board of India (SEBI) [3][4]. - The foreign investment in Indian securities has decreased by 220% compared to the same period last year [3]. Group 2: Market Conditions and Future Outlook - The stock financing amount in May reached $6.4 billion, the highest monthly total since December 2024, indicating a potential recovery in the IPO market [5]. - Over 130 companies are preparing for IPOs, with a total amount of $12 billion approved by SEBI [5]. - Major upcoming IPOs include Reliance Jio, Tata Capital, and LG Electronics India, which are expected to significantly impact the market [6][7]. Group 3: Valuation Expectations - The valuations for upcoming IPOs are expected to be 25% to 30% lower than those of leading global companies in their respective sectors [8]. - The performance of previously listed companies like Swiggy and Ola Electric, which are currently trading below their issue prices, has contributed to a more cautious outlook on valuations [8]. - The Indian capital market is anticipated to grow due to new stock issuances and stronger listing channels, reflecting a more disciplined and diverse IPO environment [8].