The deals underscore the increasing reliance on Japan and India among investment bankers who for years looked to China for bumper deal fees. Chinese listings have raised just over US$20 billion this year, down from about US$136 billion in 2021, after regulators increased their scrutiny of new deals and investors backed away amid concerns about the economy.
Bankers are working on more than US$6 billion ($7.84 billion) of initial public offerings (IPO) in Japan and India this week, getting a boost from two markets that have become an increasingly important revenue source amid a prolonged deal slump in China.
Listings from Hyundai Motor Co.’s India unit, subway operator Tokyo Metro Co. and Japanese X-ray technology company Rigaku Holdings Corp. will push IPO volumes in Asia Pacific excluding China past US$28 billion, comfortably beating the US$23.7 billion sold in 2023, data compiled by Bloomberg show.
