JPMorgan Anticipates India's Share Sale Surge to Reach $30 Billion in 2024

JPMorgan Chase & Co predicts that India will witness an annual influx of at least $30 billion through primary and secondary share sales in 2024 and beyond. This positive trend is driven by a growing willingness among companies and shareholders to access the market for funding.

Notably, the sales of additional shares in listed Indian companies have already surpassed $10 billion in the current year, surpassing the total for the entire year of 2022, as per Bloomberg's data. This momentum is expected to continue into the upcoming years, as owners of Indian companies are increasingly eager to raise capital for various investment purposes. Furthermore, the demand from both local asset managers and foreign investors is contributing to the surge in share sales, according to Abhinav Bharti, India head of equity capital markets at JPMorgan.

Bharti remarked during an interview in Mumbai, "In block trades, every year now you can average $10 billion from 2024 onwards." He further noted, "I can see the building blocks of India becoming a market that can every year raise more than $30 billion from primary and secondary sales for corporates."

JPMorgan currently holds the top position in managing equity and rights offerings in India for the first eight months of 2023, based on data compiled by Bloomberg League Tables. The American bank boasts a market share of nearly 15%, followed closely by Kotak Mahindra Bank Ltd., with an 11% share of the market.