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Indian IPO market maintains momentum in H1

India's appetite for IPOs appears undiminished, based on the country's listing records in the first half of 2017.

Between Jan. 1 and June 30, India's two main bourses, BSE and the National Stock Exchange, saw 63 IPOs raise US$1.77 billion in total, according to S&P Global Market Intelligence data. Thirteen of the bigger IPOs raised more than US$10 million each, while 50 small and medium-sized enterprise platform listings raised a total of US$100.3 million.

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In the first half of 2016, the Indian bourses saw 38 IPOs in total, raising US$1.19 billion. The robust Indian stock markets in the second half of 2016 further listed 52 companies, raising US$2.85 billion. The offerings in the 2016 second half included the floating of ICICI Prudential Life Insurance Co. Ltd., the first listed Indian insurer, with US$909 million raised. It was the biggest Indian IPO since Coal India Ltd.'s 2010 listing, which raised US$3.47 billion.

The momentum is expected to continue for the rest of 2017. Two large private sector insurers, SBI Life Insurance Co. Ltd. and ICICI Lombard General Insurance Co. Ltd., have filed draft red herring prospectuses, or DRHPs, with the Securities and Exchange Board of India. Another insurer, HDFC Standard Life Insurance Co. Ltd., is also expected to file its DRHP in August.