{"id":944,"date":"2026-06-04T06:10:58","date_gmt":"2026-06-04T06:10:58","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=944"},"modified":"2026-06-04T06:10:58","modified_gmt":"2026-06-04T06:10:58","slug":"global-firms-exploit-indias-ipo-boom-to-take-profits-back-to-home-countries","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=944","title":{"rendered":"Global firms exploit India&#8217;s IPO boom to take profits back to home countries"},"content":{"rendered":"<div><div><div><ul><li>Summary<\/li><li>Companies<\/li><\/ul><\/div><div><\/div><\/div><div>MUMBAI, June 4 (Reuters) &#8211; India&#8217;s red-hot initial public offering market may look irresistible as foreign firms line up for listings, but the rush is not about raising funds to expand in a fast-growing market; it&#8217;s about sending billions of dollars back to headquarters.<\/div><div>Just one of six foreign-based companies \u200bthat listed their Indian units in Mumbai since 2024 raised new funds, with all others structured purely as secondary offerings &#8211; or offer for sale (OFS), where existing shareholders sell their holdings \u200cto the public without raising any new funds, according to data from Prime Database, an Indian market research firm.<\/div><div>Foreign-based parents of companies that have long invested in India pocketed nearly $5 billion through such secondary-offering IPOs, with Hyundai Motor (005380.KS)<svg><\/svg><span>, opens new tab<\/span> and LG Electronics (066570.KS)<svg><\/svg><span>, opens new tab<\/span> accounting for more than 80% of those payouts, the data showed. Simply put, for each dollar raised in these IPOs taken together, more than $59 went out.<\/div><div>And the trend is continuing: the planned $1 billion IPO of Walmart&#8217;s (WMT.O)<svg><\/svg><span>, opens new tab<\/span> Indian payments arm and Modern Times Group&#8217;s (MTGb.ST)<svg><\/svg><span>, opens new tab<\/span> $335 million IPO of its \u200blocal gaming unit will both take the OFS route.<\/div><div>This week, Coca-Cola (KO.N)<svg><\/svg><span>, opens new tab<\/span> said the planned listing of its Indian bottler will have the American firm sell a portion of its stake. Banking sources said Carlsberg&#8217;s (CARLb.CO)<svg><\/svg><span>, opens new tab<\/span> planned \u200bIndian IPO will also have no new funds raised &#8211; it will also be an OFS.<\/div><div>The trend, which bankers and economists say is a result of sky-high stock \u2060valuations in India in recent years, shows that the prospect of a lucrative partial exit from Indian investments has become more attractive to many foreign companies than raising new funds to expand.<\/div><div>Global companies are pursuing &#8220;India listings \u200bas this provides them liquidity as well as a positive impact on the market cap for their parent,&#8221; said Prashant Gupta, a partner at law firm Shardul Amarchand, which advised both Hyundai and LG on their OFS-structured \u200bIPOs.<\/div><div>Modern Times declined to comment, while Carlsberg said it is &#8220;exploring different options for increasing shareholder value which may potentially include an&#8221; Indian IPO.<\/div><div>Walmart&#8217;s Indian unit, PhonePe, Hyundai, LG and other companies did not respond to Reuters requests for comment.<\/div><h2>RUPEE WOES<\/h2><div>The OFS trend comes at a troubling time for the Indian rupee, which has fallen 13% against the U.S. dollar since 2024 and 6% so far this year. That has raised concerns that the IPO-linked repatriations are compounding already heavy foreign capital outflows.<\/div><div>In January, MUFG \u200bBank wrote that its analysis &#8220;shows one important contributor to Indian rupee weakness has been the strong IPO market in India.&#8221;<\/div><div>So far this year, foreign portfolio investors have sold more than $23 billion of their holdings, surpassing 2025&#8217;s \u200brecord outflows of $18.9 billion.<\/div><div>IPO-linked capital outflows are &#8220;exerting a steady, though not abrupt, depreciation bias on the rupee,&#8221; said Tanay Dalal, a senior vice president of business and economics research at Axis Bank.<\/div><div>Government officials and regulators have not indicated that they \u200cwould try to \u2060curb the OFS trend, though India&#8217;s Chief Economic Advisor V Anantha Nageswaran warned in November that IPOs had &#8220;increasingly become exit vehicles for early investors rather than mechanisms for raising long-term capital.&#8221;<\/div><div>&#8220;This undermines the spirit of public markets,&#8221; he said. He did not respond to Reuters queries.<\/div><h2>THE VALUATIONS GAME<\/h2><div>India was the world&#8217;s second-largest IPO market in 2025 after the U.S., with 367 listings raising $21.8 billion, according to LSEG data. Its markets surged to record highs over the last two years before starting to struggle this year due to uncertainties related to the U.S.-Israeli war on Iran.<\/div><div>Still, a record $26 billion worth of IPOs are awaiting approvals, according to regulatory data.<\/div><div>The appeal for using the \u200bOFS route is rooted in valuations.<\/div><div>Indian-listed units of foreign \u200bfirms have consistently traded at multiples that dwarf \u2060their parents. Add to that a growing group of domestic investors that has resulted in high valuations in India over the past two years, making local listings attractive, lawyers and bankers said.<\/div><div>At least six foreign companies that listed their Indian units in recent years trade at a significant premium to their overseas parents, according to \u200bLSEG data.<\/div><div>Nestle India, which listed in 1969, has a price-to-earnings ratio &#8211; a measure of stock valuations relative to profit &#8211; of nearly 77 times, versus 22 times \u200bfor Swiss parent Nestle (NESN.S)<svg><\/svg><span>, opens new tab<\/span>. LG Electronics \u2060India (LGEL.NS)<svg><\/svg><span>, opens new tab<\/span>, which listed last year, trades at nearly 59 times versus 44 times for its South Korean parent, LG Electronics (066570.KS)<svg><\/svg><span>, opens new tab<\/span>.<\/div><div>On the day Hyundai (005380.KS)<svg><\/svg><span>, opens new tab<\/span> listed its Indian unit in 2024, it was valued at about $18 billion, roughly 40% of its parent&#8217;s market capitalisation.<\/div><div>&#8220;What&#8217;s driving this is smart capital allocation &#8211; asset owners capitalizing on cross-market valuation arbitrage,&#8221; said Abhishek Gang, a director at U.S.-based investment bank Houlihan Lokey.<\/div><div>Since 2024, the IPOs of the Indian units of Italian transmission systems maker \u2060Carraro (CARD.NS)<svg><\/svg><span>, opens new tab<\/span>, Norwegian consumer \u200bgoods group Orkla (ORKL.NS)<svg><\/svg><span>, opens new tab<\/span>, and American auto parts maker Tenneco Clean Air (TENN.NS)<svg><\/svg><span>, opens new tab<\/span> all had OFS structures.<\/div><div>Only one &#8211; Britain-based Bupa&#8217;s India unit, Niva \u200bBupa Health Insurance (NIVA.NS)<svg><\/svg><span>, opens new tab<\/span> &#8211; structured its local IPO as a mix of fresh fundraising of $84 million and a larger $146 million OFS component.<\/div><div>&#8220;The final structure balanced the company&#8217;s capital requirements with shareholder objectives, with the fresh capital supporting growth plans and the OFS providing partial liquidity to existing \u200binvestors,&#8221; Niva Bupa said in a statement to Reuters.<\/div><div><address><div><div><noscript>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"120\" height=\"120\" alt=\"Vibhuti Sharma\" class=\"wp-image-943\" src=\"https:\/\/reliablemovingcrews.com\/wp-content\/uploads\/2026\/06\/cb989378da498bb9030e40a33308ce3a.avif\"\/><\/figure>\n<\/noscript><\/div><div>Vibhuti Sharma<\/div><\/div><div><ul><li><span><div><svg><title>Email<\/title><\/svg><\/div><\/span><\/li><li><span><div><svg><title>X<\/title><\/svg><\/div><\/span><\/li><li><span><div><svg><title>Linkedin<\/title><\/svg><\/div><\/span><\/li><\/ul><\/div><\/address><\/div><\/div><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=941\">Taiwan presses China to confront Tiananmen past<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=939\">Ohio State University reaches $100 million settlement with nearly 300 sex abuse survivors<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=937\">Flesh-eating screwworm confirmed in Texas calf as parasite crosses border from Mexico<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>India&#8217;s red-hot initial public offering market may look irresistible as foreign firms line up for listings, but the rush is not about raising funds to expand in a fast-growing market; it&#8217;s about sending billions of dollars back to headquarters.<\/p>\n","protected":false},"author":1,"featured_media":942,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[63,123,118],"class_list":["post-944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-funds","tag-health-insurance","tag-software-defined-vehicle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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