India's foreign listings went cold after '18

Debt issuances and convertibles keep flowing as equity stalls

- SACHIN P MAMPATTA

Indian entities haven't raised capital through foreign equity listings in over six years — the longest gap since liberalization.

The last such overseas equity fund-raise was in 2018, according to data from Prime Database. Listings abroad occurred nearly every year from 1992 through 2016, with 2017 being a rare exception. After one final issue in 2018, there have been no subsequent listings.

This lull comes as some Indian companies explore listings at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, pitched as an alternative to offshore hubs like Singapore.

The government in 2024 cleared the path for direct listings of Indian companies on foreign exchanges. The India International Exchange (India INX) and NSE International Exchange (NSE IX) at GIFT City are the designated platforms.