Common equity offerings by Asia-Pacific banks rose year over year in the nine months to Sept. 30, with Indian banks leading the charge with 26 offerings.
S&P Global Market Intelligence-covered Asia-Pacific banks raised US$21.20 billion in common equity offerings for the nine-month period and US$3.60 billion in preferred equity, compared to US$18.98 billion and US$18.52 billion in the corresponding 2016 period.
Vietnam Prosperity JSCB's listing of 1.33 billion shares on the Ho Chi Minh City Stock Exchange in August landed the lender, also known as VPBank, at third place in a ranking of the 10 largest equity offerings by Asia-Pacific banks. The IPO also propelled Vietnam to third spot in terms of value of equity raised by country.
Banks headquartered in India undertook 26 offerings in the nine-month period, up from 13 in the first half. However, China-based banks topped the list in terms of amount raised, with their seven offerings raising US$10.95 billion. Industrial Bank Co. Ltd. held on to the top spot in the list of largest equity offerings in the period, with its US$3.77 billion offering in March.