Latest news with #capital markets
South China Morning Post
a day ago
- Business
- South China Morning Post
India IPOs to raise US$30 billion over the next 12 months, country's top arranger says
The expansion in India 's initial public offerings (IPOs) is expected to continue, with companies poised to raise more than US$30 billion in the next 12 months, according to Kotak Mahindra Capital. Around 150 companies are planning to tap the equity market, V Jayasankar, head of investment banking at Kotak, the country's top arranger for equity deals this year, said in an interview. 'The pace of IPO filings is robust, and it reflects the deepening confidence of issuers in India's capital markets ,' he said. India's IPO market had a slow start to the year after companies raised a record US$21 billion in 2024. But activity has picked up in recent months. A number of billion-dollar deals are on their way, with this month's solid debut by HDB Financial Services also boosting sentiment. The shadow lender's US$1.5 billion IPO was India's biggest in 2025. A woman walks past the logo of the Bombay Stock Exchange in Mumbai. Photo: AFP Overall IPO proceeds for this year stand at US$7 billion, and Jefferies Financial Group expects up to US$18 billion to be raised in the second half.
Times
5 days ago
- Business
- Times
Barclays boss: At last we're getting the framework to drive growth
'Give us the tools, and we will finish the job.' Winston Churchill famously made this request to the United States during the Second World War. UK financial firms have had a similar ask of the government for some time. Industry must do its part to drive economic growth and productivity but we need to have the right framework in place. We may now be getting there. The chancellor's Mansion House speech marked an inflection point. It signalled a bold shift in tone and ambition to reduce unnecessary restrictions in the UK's regulatory framework. Growth requires proportionate, informed risk-taking, but suffered in an environment that discouraged risk. That switch may now have been flicked. These reforms are a start, not an end. But we can now move forward. Barclays has long called for broader retail participation in UK capital markets. The Advice Guidance Boundary Review and retail investment campaign are positive steps for personal wealth-building and UK business alike. Growth depends on individuals having the confidence and means to borrow and invest in their futures. The consumer duty and Financial Ombudsman Service are important but regulation must not constrain responsible access to credit or stifle investment with overly cautious interpretation. With shifting global capital flows and intensifying regulatory divergence, the financial policy committee's review of bank capital must ensure the sector is competitive and able to invest and lend on an equal footing with global peers. As we take on more risk, we must not compromise on stability. The UK financial system is globally respected for its resilience. The ring-fencing regime, designed to protect retail deposits from investment banking volatility, should be preserved, not diluted. Growth must also reach national infrastructure, especially housing and energy, which are a drag on the economy. The ratio of earnings to house prices constrains lending. Raising the loan-to-value caps on mortgages is positive, but supply must now match demand, with speedy implementation of planning reform. Certainty in energy policy is critical to crowd in capital; as a net energy importer the UK is exposed to energy price shocks, driving inflation and slowing growth. Diversification will be key, alongside investment in energy storage. Regulatory reform alone will not be enough to move the dial. A lack of skills is also hampering innovation and business growth. Barclays' data shows that over 80 per cent of financial services and technology firms struggle to hire skilled labour, holding back their ability to scale. We must align behind bold and targeted investments in training and upskilling. There is still work to do. In business we often talk about getting the barnacles off the boat so we can move faster. With the right regulatory frameworks for growth increasingly in place, it is now up to industry to respond with action. CS Venkatakrishnan is chief executive officer of Barclays
Arab News
14-07-2025
- Business
- Arab News
Saudi PIF rises to 4th among sovereign wealth funds as assets surpass $1tn
RIYADH: Saudi Arabia's Public Investment Fund has rise one place to 4th globally among sovereign wealth bodies, with assets surpassing $1 trillion, according to Global SWF's July rankings. PIF now ranks behind only Norway's Government Pension Fund Global and two Chinese entities — the State Administration of Foreign Exchange and the China Investment Corporation — and surpasses the Abu Dhabi Investment Authority and the Kuwait Investment Authority. The new ranking underscores PIF's growing influence in global capital markets. Crown Prince Mohammed bin Salman has mandated the fund to grow its assets to $2 trillion by 2030, while generating long-term returns and supporting economic diversification. PIF's assets under management climbed to $1.15 trillion in 2024, up from approximately $925 billion the previous year. However, net profit declined during the period due to rising operational costs, interest expenses, and asset write-downs linked to project delays and revisions, according to Global SWF. In response, the fund has shifted its strategy and is now prioritizing liquidity through short-term sukuk and commercial paper, while focusing on scalable, revenue-generating assets over high-cost mega-projects. This repositioning also includes increased investments in AI infrastructure, ETF platforms, and co-investments with global asset managers. Underscoring its international ambitions, PIF has invested about $200 million in a prime Manhattan real estate project with Related Companies, Bloomberg reported in July. The fund plans to acquire a two-thirds stake in the 625 Madison Avenue site, where a 1,200-foot tower is under consideration, just steps from Central Park. The move builds on PIF's earlier ties with Related, including a 2020 debt investment, and reflects its appetite for high-profile, long-horizon real estate in strategic global cities. Internationally, the fund holds stakes in prominent companies such as Lucid Motors, Nintendo, Uber, and BlackRock, and remains active across sectors including technology, mobility, and renewable energy, as well as gaming and sports. According to Global SWF, PIF is moving away from a strategy centered on rapid capital deployment, toward a more disciplined approach focused on financial sustainability, cost control, and delivering measurable returns.
Entrepreneur
10-07-2025
- Business
- Entrepreneur
Reverse Flip Gains Momentum: Why Indian Startups Are Coming Home
A growing number of Indian startups originally incorporated abroad are now shifting their domicile back to India. This move commonly referred to as a "reverse flip" marks a significant shift in strategy for high-growth startups looking to align more closely with India's maturing capital markets, evolving regulatory landscape, and investor expectations. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. A growing number of Indian startups originally incorporated abroad are now shifting their domicile back to India. This move commonly referred to as a "reverse flip" marks a significant shift in strategy for high-growth startups looking to align more closely with India's maturing capital markets, evolving regulatory landscape, and investor expectations. Several prominent startups have already completed or initiated this transition. In 2022, fintech major PhonePe set the tone by moving its headquarters from Singapore back to India. The company reportedly incurred a tax liability of INR 8,000 crore in the process, underlining the seriousness of the move. More recently, Groww, a financial services platform, shifted its domicile from the US to India in March 2024. The startup paid approximately INR 1,340 crore in taxes as part of the relocation. Pine Labs received court approval in Singapore in May 2024 to move to India. Other startups such as Zepto, Razorpay, Meesho, and Dream11 are either in the process of redomiciling or actively exploring the shift. Harshil Mathur, co-founder of Razor Pay, had said that, "India is a home market and a place where everybody knows and understands. From a listing perspective, it makes sense to be in India," reported Reuters India. One of the key drivers of the shift being the IPO market in India and its valuation benefits. As more Indian startups mature and look to go public, local stock exchanges offer better valuation multiples and stronger retail investor interest. Domiciling in India is a prerequisite for listing on the NSE or BSE. Manu Iyer, General Partner & Cofounder, Bluehill VC said that the industry is seeing a growing preference among startups and growth-stage companies to list locally and shift their domiciles back to India with one of the drivers being capital markets deepening and regulatory clarity improving. Beyond access to a maturing investor base, this trend reflects rising confidence in India's long-term economic trajectory and a desire to align more closely with domestic stakeholders. "SEBI's reforms around listing which reduce compliance burden for tech startups aiming to go public and relaxed rules around profitability, lock-in and public shareholding make it a lot easier. Another reason is around the reduction of tax treaty benefits for various jurisdictions," said Iyer, India's regulatory environment, particularly in fintech, data privacy, and intermediary obligations, increasingly requires local legal presence. Being domiciled in India helps companies navigate RBI, SEBI, and IT regulations more efficiently. Roma Priya, Founder of Burgeon Law, said that startups shifting domiciles back to India and choosing to list locally is a reflection of changing ground realities. "India's capital markets today offer deep liquidity, policy stability, and a maturing investor base that understands tech-driven businesses. For many founders, listing at home also strengthens brand resonance, simplifies compliance, and aligns with the shift toward long-term value creation over regulatory arbitrage. This is no longer just a symbolic move; it is a strategic one," said Priya. Moreover, startups now have most of their teams, customers, and business operations in India. Redomiciling reduces structural inefficiencies, cuts legal duplication, and centralizes governance. "I think for the mission, PhonePe is on … the move to India was right. India is where we started and where we are focused on… for various reasons like being a highly regulated entity and wanting to eventually list here, the change of domicile…is the right answer." Sameer Nigam, CEO PhonePe, had earlier said that for the mission PhonePe is on, the move to India was right. India is where we started and where we are focused on, for various reasons like being a highly regulated entity and wanting to eventually list here, the change of domicile is the right answer. " When it comes to investor confidence, Indian and global investors are more comfortable with predictable domestic regulations and clearer exit pathways via Indian IPOs. According to Peak XV's Mohit Bhatnagar, the shift is now "the biggest topic of discussion" among portfolio companies.
