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Capital raising via equities falls 55% to USD2.4 bn in Jan-Mar

By Super
Capital raising via equities falls 55% to USD2.4 bn in Jan-Mar
Mumbai, Apr 7 (PTI) Capital raising from equities and equity-linked issuances by Indian companies fell by 55.3 per cent to USD 2.43 billion, the lowest in first quarter since 2011, compared to the same period a year ago, according to a report.

"Follow-on offerings captured majority of the equity capital markets activity with USD 2.42 billion worth of proceeds, a 54.6 per cent drop from first quarter of 2013, and accounted for 99.4 per cent of the market activity in Q1 of 2014," Thomson Reuters said in a report. This is the lowest first quarter period in terms of proceeds amount since 2011 when volume fell to USD 2.15 billion, it said. Initial public offerings totalled USD 13.50 million, a significant drop of 84 per cent in proceeds compared to USD 84.30 billion in the first quarter last year.

"This is the lowest quarterly level in terms of proceeds since first quarter of 2009 when it stood at USD 4.90 million," the report said. Investment banks Citi and JP Morgan were at the top spot in equity and equity-linked league table in the first quarter, each capturing 22 per cent of the market activity with related proceeds of USD 535.7 million from three deals. Equity and equity-linked capital raisings have generated imputed fees worth USD 9.44 million so far this year, a 50.2 per cent decline over the same period last year, it added.


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