India’s initial public offerings have hit a record Rs 1.77 lakh crore ($19.6 billion), as companies rush to capture the booming investor demand for new shares.

The proceeds surpassed last year’s high of Rs 1.73 lakh crore, according to data compiled by Bloomberg. With five more offerings scheduled to close on or before December 16, including ICICI Prudential Asset Management Co.’s $1.2 billion deal, the value is set to rise further.

The surge signals how India’s capital markets have matured into a major fundraising hub, driven by a swelling base of retail investors and steady institutional appetite even as secondary equities lose steam. India has been making it easier for companies to list, and the run of big-ticket deals shows how firms are using buoyant demand to lock in funding before

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