SBI Funds, Manipal Health set IPO stage

Despite lingering uncertainties from the West Asia war, India’s primary market is likely to gather pace in the second half of the year, with the much-awaited listings of SBI Funds Management and Manipal Health in June-July leading the way.

- Priyamvada C

India's primary market is expected to witness a flurry of IPOs in the coming months.

(BLOOMBERG)

These marquee offerings are seen kicking off a broader pipeline of large and mid-sized issues, much in line with the recent trend of IPO activity picking up after a relatively subdued first half.

While SBI Funds Management has kicked off roadshows for its planned ₹13,000-crore IPO, Temasek-backed Manipal Health has also started meeting institutional investors ahead of its proposed $1 billion listing, Mint reported earlier this week.

Meanwhile, nearly 30-40 bankers met in Singapore last week as they pitched for STT Global Data Centres’ $500 million IPO in India. The company is seeking a valuation of about $5-6 billion, though formal appointments are yet to be made, according to people in the know. STT Global did not respond to requests for comment till the time of publishing.