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New Delhi: The upcoming Initial Public Offering (IPO) of <keyword id="20214518" type="General" weightage="20" keywordseo="Hyundai-Motors-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai Motors India" meta.hostid="261" meta.entityid="Hyundai Motors India">Hyundai Motors India</keyword> has sparked significant interest in the Indian markets, but a recent report by <keyword id="20303939" type="General" weightage="20" keywordseo="Aequitas-Investments" source="keywords" meta.keywordsubtype="org" meta.entityname="Aequitas Investments" meta.hostid="261" meta.entityid="Aequitas Investments">Aequitas Investments</keyword> suggests it may not be as promising for <keyword id="19953411" type="General" weightage="20" keywordseo="Indian-investors" source="keywords">Indian investors</keyword> as anticipated. The report highlighted several concerns, pointing to broader industry challenges and the valuation mismatch as reasons for caution. It said "Given the headwinds that the Global <keyword id="20081560" type="General" weightage="20" keywordseo="automobile-industry" source="keywords">Automobile Industry</keyword> is facing coupled with signs of a slowdown in India, the upcoming IPO might not be a great deal for Indian Investors" Hyundai Motor Company, the parent firm based in South Korea, is set to offload shares worth Rs 25,000 crore through an Offer for Sale (OFS) in the Indian market. However, the report suggested that the current global headwinds facing the automobile industry, combined with signs of a slowdown in India, may make this IPO less attractive for Indian investors. One of the key issues flagged in the report is the valuation of Hyundai Motors India. The report noted that despite contributing only 6.5 per cent of Hyundai's global revenue and 8 per cent of its overall profitability, the Indian unit is expected to be valued at approximately 42 per cent of the parent company's market capitalization upon listing. This valuation discrepancy raises concerns about whether the IPO price is justified given the Indian unit's relatively modest contribution to Hyundai's global business. "Despite contributing only 6.5 per cent of the global revenues and 8 per cent of the profitability, Hyundai's India unit will be valued at approx. 42 per cent of the Parent Co.'s MCap on listing" the report added. From Hyundai's perspective, the move makes sense. In South Korea, Hyundai's stock currently trades at a price-to-earnings (P/E) ratio of just 5x, making the sale in India potentially more lucrative. The report argues that Hyundai is looking to take advantage of the relatively higher valuations in India. It said "From Hyundai's perspective it's a no-brainer as their stock in S.Korea trades at a measly 5x P/E" Hyundai Motor Group, which includes both Hyundai and Kia, is the third-largest automaker globally, having sold 7.3 million vehicles in 2023. While Hyundai Motors India does not have a stake in Kia Motors India, the parent company owns a controlling 34 per cent stake in Kia Motors globally and fully owns Genesis Motors, a luxury brand in South Korea.

Hyundai IPO might not be a great deal for Indian investors: Report

<keyword id="19956322" type="General" weightage="20" keywordseo="BharatPe" source="keywords" meta.keywordsubtype="org" meta.entityname="BharatPe" meta.hostid="83" meta.entityid="BharatPe">BharatPe</keyword> Group and <keyword id="19993869" type="General" weightage="20" keywordseo="PhonePe" source="keywords" meta.keywordsubtype="org" meta.entityname="PhonePe" meta.hostid="83" meta.entityid="PhonePe">PhonePe</keyword> Group have amicably settled all long-standing legal disputes pertaining to the use of the trademark with the suffix 'Pe', a joint statement read. Both companies had been involved in long-drawn legal disputes across multiple courts, over the past five years. "The settlement will put an end to all open judicial proceedings," the joint statement dated May 26 read. As a next step, they have already taken steps to withdraw all oppositions against each other in the trademark registry which will help them to proceed with the registration of their respective marks. Further, both organizations will undertake other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the <keyword id="19895875" type="General" weightage="20" keywordseo="Delhi-High-Court" source="keywords">Delhi High Court</keyword> and <keyword id="19905533" type="General" weightage="20" keywordseo="Bombay-High-Court" source="keywords">Bombay High Court</keyword>, the statement said. <keyword id="19956324" type="General" weightage="20" keywordseo="rajnish-kumar" source="keywords">Rajnish Kumar</keyword>, Chairman of the Board, of BharatPe, said, "This is a positive development for the industry. I appreciate the maturity and professionalism shown by the Management of both sides, working closely to resolve all outstanding legal issues and moving ahead to focus their energy and resources in building robust digital payment ecosystems.'' Sameer Nigam, Founder and CEO of PhonePe, said, ''I am glad that we have reached an amicable resolution in this matter. This outcome will benefit both companies to move forward and focus our collective energy on growing the Indian fintech industry as a whole. I would like to thank Mr Rajnish Kumar and his team for working with us to get to this positive outcome." BharatPe, the brand name of Resilient Innovations Pvt Ltd, was founded in 2018. Currently with a registered network of over 1.3 crore merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 370 million+ UPI transactions per month. PhonePe Group is also India's leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in August 2016. In seven years, the company has scaled rapidly to become India's leading consumer payments app with 535+ million registered users and a digital payments acceptance network of 39+ million merchants. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank">Poco F6 vs Realme GT 6T – which mid-range smartphone should you buy?</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank">Realme GT 6T vs Motorola Edge 50 Pro – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank">India’s wearable shipments rise by 2.1% in Q1 2024, average price declines</a>

BharatPe and PhonePe amicably settle all trademark disputes over 'Pe' suffix

<ul><li>In the September quarter, 21 <keyword id="15966109" type="General" weightage="20" keywordseo="mainboard-ipos" source="Orion">mainboard IPOs</keyword> raised as much as $1.77 billion, says an E&amp;Y report.</li><li>This momentum is expected to continue well into the second half of 2024.</li><li>Companies are striving to file for IPOs before the 2024 Indian elections, the firm says. </li></ul>The buzzing Indian initial public offer (IPO) market is the best globally, says a report by Ernst &amp; Young. In the September quarter, 21 mainboard IPOs raised as much as $1.77 billion – marking a 3.7x growth in amount rates and 4.2x growth in number of deals. The SME IPO market too recorded significant success by raising $165.7 million via 48 IPOs in the third quarter of 2023. And this momentum will go on for another another, predicts the consulting firm’s IPO trends report. “The IPO landscape is witnessing a surge in activity driven by both an urge to tap the capital markets pre-or-post Indian general elections and strong economic activity, positive domestic and foreign investor sentiment towards India. This momentum is expected to continue well into H2 2024,” said Adarsh Ranka, partner and financial accounting advisory services leader, member firm of EY Global. The pipeline ahead is strong with over 25 companies filing their Draft Red Herring Prospectuses (DRHPs) in Q3. It demonstrates a strong intent to raise funds in the upcoming quarters, the report opines. The three largest IPOs in Q3 were RR Kable, Concord Biotech, and SAMHI Hotels. Key sectors contributing to this IPO surge included diversified industrial products, consumer products and retail, and technology. “Market optimism is attributed to several factors, including the US recession, the Federal Reserve's pause in interest rate hikes, and inflation. Companies are striving to file for IPOs before the 2024 Indian elections, with the demand for IPOs surging this year compared to 2022,” says E&amp;Y. Listing gains and more IPOs This year’s tranche of IPOs also rewarded their investors with positive listing gains. According to Pranav Haldea, managing director of PRIME Database Group, IPO response was further buoyed by strong listing performance. The average listing gain increased to 29.4% in the first half of 2022-23. Ideaforge with 93% returns, Utkarsh Small Finance Bank with 92% and Netweb Technologies with 82% returns are some of the best performing IPOs. “The markets continue to reward companies with robust, scalable, and well-governed business models,” says E&amp;Y. In line with primary market fund raises, August 2023 also witnessed a remarkable $5.2 billion in <keyword id="3472800" type="General" weightage="20" keywordseo="pe/vc-investments" source="Orion">PE/VC investments</keyword>. This is a 127% increase compared to August 2022 and an 18% increase from July 2023. <keyword id="12977634" type="General" weightage="20" keywordseo="pe/vc-exits" source="Orion">PE/VC exits</keyword> reached $4.3 billion across 37 deals, marking a 35% year-over-year increase in value.

D-Street debuts rake in $1.77 bn in Q3; momentum to continue till general elections

PE inflows into Mumbai realty drop sharply, NCR emerges as top favourite in 9MFY23: Anarock

<ul><li>PE inflows into real estate fell by 20% in the first half of 2023, as compared to last year. </li><li><keyword id="6363605" type="General" weightage="80" keywordseo="knight-frank" source="Orion">Knight Frank</keyword> predicts a rebound in the second half, which will help 2023 to see 5.3% growth. </li><li>The office sector took away over a lion’s share of the investments H1 2023, at $1.7 billion. </li></ul>Private equity investors in India’s real estate sector have taken a measured approach in the first half of 2023. The inflows slipped by 20% in the period as compared to the year before, as per a report by Knight Frank. This in spite of strong economic growth seen in India in the last few quarters and high long-term confidence among global investors. "We have witnessed a decline in the volume of investments over the past year due to the economic challenges faced worldwide, leading some large economies to take drastic fiscal and monetary policy measures. This has further caused investors to re-evaluate their strategies, at least in the short-term,” said Shishir Baijal, chairman &amp; managing director of Knight Frank. The consultancy says that the moderation in growth is limited considering the prevailing global concerns. It also expects a rebound in the second half of the year. Overall, <keyword id="189346" type="General" weightage="20" keywordseo="pe-investments" source="Orion">PE investments</keyword> in the Indian real estate sector are estimated to touch $5.6 billion in 2023, a 5.3% YoY growth, Knight Frank predicts. Offices rule the PE sector The office sector took away over a lion’s share of the investment pie — at 68%. This was followed by warehousing which accounted for 21% of the investments, while the residential sector received the lowest part of the share, at 11%. “The India office sector continues to attract investors, particularly for ready income-yielding assets. Looking ahead, the office sector is expected to remain a favourite among investors, as it is likely to maintain its momentum in the short to mid-term," said Baijal. PE investments into real estate sector in H12023 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset class </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PE investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of funds received </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of PE deals </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Office </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1,750 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$555 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Residential </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$277 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2,582 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14 </td></tr></tbody></table>Source: Knight Frank “The market demand for Grade A office space, particularly flexible office spaces, is witnessing a notable surge. The supply of Grade A office space is still lower than the existing demand, further contributing to the attractiveness of this market,” Amal Mishra, co-founder, Urban Vault, a Bengaluru based managed co-working space provider. Mumbai received the highest investments accounting for 48%, NCR stood second at 32% and Bengaluru at 13%. The region of investors also shifted drastically as nearly 75% of investments came from Asian countries in H1 2023. In the same period last year, 86% of investments came from Canada and the US. SEE ALSO <a href="https://www.businessinsider.in/business/news/over-a-100-mn-indians-have-tried-products-pushed-by-influencers-and-its-growing/articleshow/101331878.cms">Over a 100 mn Indians have tried products pushed by influencers and its growing</a> <a href="https://www.businessinsider.in/india/news/a-million-streams-every-3-minutes-but-only-5-of-ott-audio-users-pay-for-it/articleshow/101313692.cms">A million streams every 3 minutes, but only 5% of OTT audio users pay for it</a>

Real estate sector sees private equity investments slip 20% in first half of 2023

Indian <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) investments reached $70 billion in 2021 in more than 2,000 deals -- an 87 per cent increase over the volumes in 2022, a new report showed on Thursday. Indian investments grew by 96 per cent over 2020 (excluding the mega deals of Jio Platforms and Reliance Retail). Much of the deal activity was in consumer tech and IT/ITES sectors. The two sectors combined represented more than 60 per cent of the year's deal value, at nearly $44 billion, according to the annual India Private Equity Report 2022 by Bain &amp; Company. The number of large cheque size investments also witnessed a significant increase and the year saw 11 investments worth greater than $1 billion with Flipkart, Hexaware and Mphasis being among the largest deals, compared to six in 2020. However, after an exuberant year for both deal activity and exits, 2022 is expected to witness a tapering in the pace of activity as the gains of 2020 are consolidated, according to the report, prepared in collaboration with Indian Venture and Alternate Capital Association. "In 2021, the Indian private equity ecosystem bounced back from 2020's Covid-driven restraints, growing faster than most major economies, including China, with 96 per cent growth over 2020." said Arpan Sheth, Partner, Bain &amp; Company and co-author of the report. "This year, we anticipate a significant tempering of pace in investment activity as macro and micro trends converge, but see this as an opportunity for the consolidation of last year's gains, which should make India witness annual PE-VC deal values of around $50 billion more frequently," Sheth added. IT/ITES saw investments of $14.2 billion in 2021, growing by $10.3 billion or 255 percent as compared to 2020. "Indian IT is increasingly courting billion-dollar-plus deals, and the deal size and count is expanding with significant deals taking place in the sector in the last few years," said Sriwatsan Krishnan, Partner, Bain &amp; Company and co-author of the report. "While the valuations are tempering, deals in 2022 indicate that the sector will continue to get PE attention as Indian IT firms continue to demonstrate excellence," Krishnan added. IT has accounted for nearly 40 per cent of buyout deal value, and nearly 20 percent of buyout deal volumes over the last three years. In the most celebrated milestone for the year, exits worth more than $36 billion were unlocked in 2021, quadrupling fund exits over 2020's $9 billion. Strategic sale continued to be the most dominant route of exit, with nearly 50 per cent of all exits over the last few years, the report said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/cashe-is-now-offering-instant-loans-on-whatsapp-in-30-seconds/articleshow/92230354.cms">A company is now offering instant loans on WhatsApp in 30 seconds</a> <a href="https://www.businessinsider.in/business/corporates/news/star-is-the-most-sensible-and-smartest-bidder-and-viacom18s-bid-is-over-exuberant-says-expert/articleshow/92249554.cms">Star is the most sensible and smartest bidder and Viacom18's bid is over exuberant says expert</a> <a href="https://www.businessinsider.in/tech/news/how-to-keep-your-name-private-on-linkedin-when-you-see-someones-profile/articleshow/92248851.cms">How to keep your name private on LinkedIn when you see someone's profile</a>

Indian PE deals rose by 87% to hit $70 billion in 2021

<ul><li>Deals in February dropped significantly in both volume and value terms, as compared to last year.</li><li>Investors continue to tread cautiously amid macroeconomic uncertainties, says Grant Thornton.</li></ul>Uncertain macroeconomic conditions have taken a toll on <keyword id="16790180" type="General" weightage="20" keywordseo="deal-making-in-india" source="Orion">deal making in India</keyword> – which have slowed down significantly in the month of February. India recorded only 89 deals, valuing $1.8 billion in February, which dropped by 54% in terms of volume, and 60% in terms of value, as compared to last year. Investors continue to tread cautiously amid macroeconomic uncertainties, according to <keyword id="16790181" type="General" weightage="20" keywordseo="Grant-Thornton-Bharats-Dealtracker-February-2023" source="Orion">Grant Thornton Bharat’s Dealtracker February 2023</keyword> report. This also marked the second-lowest deal volumes and lowest values recorded since 2014, the report said. The report highlighted that activity in the merger and acquisitions witnessed a significant downtrend — declining by 48% in terms of volume, and 47% by value compared to February 2022. February 2023 clocked in 24 deals at a total value of $755 million. “US economic data has been pointing towards a slowdown; however, the recession is not confirmed yet. China has seen an accelerated reopening, and that has provided a boost to the commodity market. On the domestic front, the policy review also acknowledges that domestic economic activity is expected to remain resilient, aided by the sustained focus on capital and infrastructure spending in the Union Budget 2023-24,” said Shanthi Vijetha, partner- growth at Grant Thornton Bharat. Funding winter for PE investments The private equity investment trend also witnessed a drop both in terms of deal values and volumes with only 65 deals worth $1 billion taking place during the month. The year 2023 also witnessed the continued funding winter in terms of both PE deal volumes and value. The report shares that the decline in PE funding was largely due to uncertain market conditions and the wait-and-watch approach adopted around the Budget 2023-24. “While the deal activity is subdued, the Indian market is still considered to provide good opportunities for deals/investments. As a result, the Union Budget 2023 avoided populist measures in the pre-election year and prioritised long-term growth,” added Vijetha. The <keyword id="402627" type="General" weightage="20" keywordseo="ipo-market" source="Orion">IPO market</keyword> was slow too this year, with just three IPOs getting publicly listed on exchanges so far. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/if-youre-working-in-any-of-these-roles-then-you-need-to-be-worried/articleshow/98632981.cms">Is your job at risk? If you're working in any of these roles then you need to be worried</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mfs-add-shares-of-indigo-paytm-pvr-nazara-technologies-among-others-in-february/articleshow/98630434.cms">MFs add shares of Indigo, Paytm, PVR &amp; Nazara Technologies among others in February</a>

Deal making slows down significantly in February as investors turn cautious: Grant Thornton

<ul><li>Tightening of liquidity, uncertainty caused by global headwinds and sharp correction in recently listed companies dampened the sentiment for IPOs, the E&amp;Y report says.</li><li>Experts say that while volatility continues to impact investor sentiment, recent strong debuts made by several IPOs will lead to a recovery.</li><li><keyword id="8321302" type="General" weightage="20" keywordseo="PE-backed-IPOs" source="Orion">PE-backed IPOs</keyword> continue to remain elusive in 2022, the report says.</li></ul>More than 15 Indian companies are set to raise funds via IPOs in the upcoming quarters, as per draft red herring prospectus (DRHPs) filed with market regulator SEBI in Q3 of 2022 (July-September), says an Ernst &amp; Young report. The end of Q3 has seen an uptick in IPOs, after a slowdown post Q2, the EY IPO Trends Report said. Technology, banking, capital markets, media and entertainment were the most active sectors in the <keyword id="402627" type="General" weightage="20" keywordseo="ipo-market" source="Orion">IPO market</keyword> in Q3. The companies that have filed DRHPs in Q3 are yet to hit the market, due to uncertain market conditions. “The IPO market has witnessed a bearish phase recently. The backlog of companies that have received SEBI approval and are yet to float an IPO is set to give market direction in the upcoming quarters,” said Adarsh Ranka, financial accounting advisory services leader, partner with an Indian member firm of EY Global. However, in the last few months, many IPOs have made strong market debuts and that could encourage more companies to raise funds from the public. “While volatility in the overall global markets and other macro factors will continue to affect investor sentiments, the pipeline of IPOs and momentum created by successful IPOs towards the end of Q3 2022 could lead to a recovery in the market,” said Ranka. So far in 2022, 31 companies have listed on the BSE main board while 49 companies have debuted on the BSE SME segment, as per data on the stock exchange. On the BSE main board, only 8 out of 31 companies made weak debuts; and only 11 of 49 stocks from the SME segment, slipped into the red on listing. ‘PE-backed IPOs continue to remain elusive’ In spite of good debuts especially towards the latter part of this year, the number of IPOs has gone down significantly. In the third quarter last year, 19 companies raised $5.1 billion while only four IPOs were launched in Q3 this year, raising $334 million. That’s a 93% and 79% decline in proceeds raised and in the number of deals, respectively. The SME segment raised $68.8 million via 33 IPOs during Q3 2022. According to EY, tightening of liquidity, uncertainty caused by global headwinds and sharp correction in some recently listed companies has dampened the sentiment for IPOs. <a href="https://www.businessinsider.in/business/corporates/news/new-age-tech-companies-rake-in-business-but-are-still-making-losses/articleshow/95837559.cms">Stocks like Zomato, PayTM, Nykaa, Delhivery </a>that have listed last year, have sharply corrected making investors wary. Moreso, the stock of LIC, which was India’s largest IPO, too corrected since listing in May this year. Moreso, private equity and venture capital investors have turned cautious that’s making other investors jittery too. “Investors are adopting a cautious approach, both with private equity and large funds reducing their investment spends. In recent times it has been observed that many companies are also trimming down their IPO size,” said Ranka. PE/VC investment in July 2022 was also the lowest over the year both in terms of value and volume. At $3 billion, PE/VC investments in July 2022 were 69% lower than $9.7 billion in July 2021. “PE-backed IPOs, which were one of the defining features of PE/VC exits last year, continue to remain elusive in 2022,” said the report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/government-listed-private-companies-capex-to-touch-21-lakh-crore-in-fy23-icici-securities/articleshow/95858117.cms">Government, listed private companies’ capex to touch ₹21 lakh crore in FY23: ICICI Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/mixed-demand-trends-for-autos-in-november-as-festive-boost-wears-off-but-signs-of-rural-recovery-visible/articleshow/95848505.cms">Mixed demand trends for autos in November as festive boost wears off but signs of rural recovery visible</a>

Recent IPO successes could lead to recovery in the primary market: E&Y

<ul><li><keyword id="15532259" type="General" weightage="20" keywordseo="Cello-World" source="Orion">Cello World</keyword> is a Mumbai-based family owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more.</li><li>The family-owned business has a presence across 30,000 retail outlets through more than 300 distributors.</li><li>ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion.</li></ul><keyword id="521692" type="General" weightage="20" keywordseo="ICICI-Venture-Funds" source="Orion">ICICI Venture Funds</keyword> Management, an alternative asset arm of ICICI Bank, has announced an investment of ₹360 crore in Cello World, a branded consumer houseware company. Cello World is a Mumbai-based, family-owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more. The company was founded in 1967 but this is the time it has divested stake to a PE firm. “We are excited to welcome ICICI Venture Funds as our first investor in Cello World. We are confident of company maintaining its growth and profitability trajectory while providing the consumer with quality products. We look forward to benefitting from the vast managerial expertise of ICICI Venture as we expand our presence across products and geographies,” said Pradeep Rathod, chairman and MD at Cello World. The business has a presence across 30,000 retail outlets via 300 distributors with focus on steel and plastic bottles, thermoware, along with glassware/opalware. The company says that the houseware industry has witnessed secular growth along with a shift from being an unorganised to organised industry. Cello believes that it has been at the forefront of new product introduction with presence across materials i.e., plastics, steel, glass, opal, melamine, copper etc. “Cello World under the leadership of Rathod Family, its capable management team and its pan -India distribution network has demonstrated industry leading growth and profitability characteristics. The organised section of the industry will see further acceleration in the coming years with branding and premiumisation gaining ground,” said Gagandeep Singh, senior director, private equity, ICICI Venture. ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion. The company has a presence across four verticals i.e., private equity, real estate, infrastructure and special situations. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/elon-musks-weight-loss-mantra-is-not-new-but-heres-how-to-do-it-right/articleshow/95550740.cms">Elon Musk’s weight loss mantra is not new, but here’s how to do it right</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-open-flat-amid-mixed-global-cues/articleshow/95548382.cms">Indian markets open flat amid mixed global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/medanta-hospitals-operator-global-health-lists-at-18-5-premium-3x-the-premium-quoted-by-grey-market/articleshow/95546750.cms">Medanta Hospitals operator Global Health lists at 18.5% premium, 3x the premium quoted by grey market</a>

ICICI Venture Funds invests ₹360 crore in houseware brand Cello World

<ul><li>Local brands are making a comeback after their pandemic lows, and are now competing with national brands in categories like detergents, noodles, masalas and more.</li><li>HUL CEO said in an earnings concall that they have seen a market share dip in certain mass categories.</li><li>The number of homes that buy over 4-5 brands of the same product are growing, says a Kantar report. </li></ul>In Karnataka, many stores now have ‘1 To 3 Noodles’ on display along with Nestle’s 2-minute Maggi, the category leader. Apart from a stellar 35% penetration in the state, this local brand is catering to local tastes with a desi twist to instant noodles that comes with more masala. Similarly, North India-based Vasant Masala is catering the specific spice needs with its Awadh Garam Masala. There are more such examples of local brands that concentrate only on specific states — that are making a headway into the retail shelf space as well as the consumer’s homes, if not hearts. “Local brands live up to the local tastes better,” K Ramamkrishan, MD South Asia of Kantar tells Business Insider India. Moreover, these brands are bringing value onto the table beyond price points by capturing the specific preferences of the states and relationships with retailers. So much so, now they’re threatening the national brands sold by FMCG behemoths. “Local brands are no more brands that have basic packaging with a brand name. They are innovating, have brand ambassadors. Today local brands are only limited by their presence not their ambition,” said Ramamkrishan. He says the speed of decision making in local brands is high, and their agility allows them to capture dynamic trends in shopping habits faster. Back from pandemic lows Kantar’s Consumer Connections 2023 report says that there has been a resurgence in local brands that had faced troubles during the pandemic. Curtailed by their inability to raise prices, over 12 brands have shut shop during the pandemic. Many more couldn’t source raw material during the high inflationary period, or bear the costs, Ramamkrishan explains. With the pandemic over, the troubles have decreased and local brands are back with a vengeance. FMCG major HUL also admitted in its recent quarterly announcement that regional brands have curtailed the price growth in the sector. Rohit Jawa, CEO of HUL said that it has seen dips in market share in the mass segment due to small and regional players. “There has been a resurgence of small and regional players in select categories due to softening commodity prices – many of whom had vacated the market during the peak of inflation,” he said in an earnings concall. Most of the local brands tend to categories that are already high in penetration such as food and beverage, detergents, spices, washing powders, hair oils etc. “For example they won't be in face washes where the penetration is low,” Ramkrishnan explains. Kantar has picked a few brands like — Reflect Dishwash in Maharashtra, Saras Detergent Bar in Gujarat, Challenge Detergent Bar in Tamil Nadu, Sastry Balms in Andhra Pradesh, Supreme51 in Madhya Pradesh as some of the single-state brands that have exhibited double or even triple digit growth in the last one year, along with extensive penetration in the state of their choice. Flirting with many brands While consumers are pivoting towards local brands, they’re not shedding their loyalty to national brands either. The complex Indian consumers are more tuned to experimenting more. Ramkrishnan calls it ‘flirting with multiple brands’. The number of shopping trips or purchase occasions for Indians are growing at a rapid pace, says Kantar. An Indian makes 152 shopping trips in a year – which breaks it down to one in every 58 hours. This also includes e-commerce shopping. It indicates that people are buying only as much as required, and household consumption levels are not back to normal in spite of signs of revival. But a few others also prefer frequent shopping for reasons like freshness, accessibility and more. More shopping trips means more experimenting. The homes that buy over eight brands of biscuits/cookies rose to 34% in 2023 from 24% in 2022. The percentage of homes that buy over three brands of washing powders and liquids came in at 47%, going up by 6% in a year. And, 43% of homes bought over six brands of soap bars in 2023, rising by over 5%. Experimenting Indians are also giving a fillip to direct-to-consumer brands that have national ambitions buoyed by PE and VC investors who are betting big on them — all indicating rising competition in the sector.

Local brands rise as Indians flirt with newbies

<ul><li><keyword id="10845529" type="General" weightage="20" keywordseo="Oaks-Asset-Management" source="Orion">Oaks Asset Management</keyword> raised 40% more than what it intended to, for its second fund.</li><li>This is a testament to the resilience of India’s consumer story, says its founder and CEO.</li><li>Its first fund invested in Hero Electric which is on track to raise a large round of capital this quarter.</li><li>All its businesses have weathered the pandemic in the last two years, the PE fund says.</li></ul>A Mumbai based mid-market private equity fund, Oaks Asset Management, had intended to raise ₹700 crore for its second fund. Instead, it ended up raising close to ₹1,000 crore and intends to close it next month. This response even in times of funding winter and <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">chunky outflow of foreign investors</a> away from India – is a testament to the resilience of India’s consumer story, according to the fund’s founder and CEO, Vishal Ootam. “We have always had deep conviction in the Indian consumer story and believe that as a market, India continues to offer multiple yet simple penetration and growth opportunities,” he says. Its first fund has made multiple investments including Hero Electric which is on track to raise a large round of capital this quarter. “This round is expected to close at a meaningful premium to the last round,” the PE fund says. They also invested in a millets-based snacks company called Troo Good, and CredAble, an award-winning AI-powered technology platform – whose value has already swelled 11 times its original investment valuation. The <keyword id="46556" type="General" weightage="20" keywordseo="PE-firm" source="Orion">PE firm</keyword> has also invested in an NBFC, an apparel company and a catering company. All these businesses, it says, have weathered the pandemic in the last two years. Moreso, two of their firms are on track to go for a public offer in the next 18-24 months. Their investment philosophy, the company says, is to stay away from businesses that are into serial fundraising and businesses with ‘Winner takes all’ attitude. “In sharp contrast to the otherwise sombre commentary that one might hear about the investment climate around, we have witnessed some of the most exciting times in our journey over the past 12-18 months. We have always invested in traditional consumer brand stories driven by seasoned entrepreneurs or business families that focus on profitable growth,” says Vivek Anand PS, founder and MD of OAKS Asset Management. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/four-12-hour-days-or-five-10-hour-work-days-difficult-choices-ahead-of-a-4-day-work-week/articleshow/92409609.cms">Four 12-hour days or five 10-hour work days - difficult choices ahead of a 4-day work week</a> <a href="https://www.businessinsider.in/finance/news/rbi-kept-the-rupee-exceptionally-stable-so-far-and-the-tide-could-turn-for-the-better-say-experts/articleshow/92414356.cms">RBI kept the rupee ‘exceptionally’ stable so far, and the tide could turn for the better say experts</a>

We stay away from serial fundraisers says this PE firm that just closed its ₹1,000 crore fund

<ul><li>In the April-June quarter of 2023, there were six mainboard IPOs and 32 <keyword id="3704207" type="General" weightage="20" keywordseo="sme-ipos" source="Orion">SME IPOs</keyword> that hit Dalal Street.</li><li>Hospitality and construction sector took the lead in the main markets during Q2 2023 with two InVITs raised funds.</li><li>There could be more IPO action this year as 13 companies filed their DRHPs in the quarter. </li></ul>Indian primary markets have been buzzing this year with 10 mainboard IPOs and 70 SME IPOs — making it one of the busiest in the world, says a latest report by Ernst &amp; Young. "Indian stock exchanges (BSE and NSE, including SMEs) have ranked first in the world in terms of the number of IPOs and eighth in terms of issue proceeds during the year to date 2023, with no cross-border deals recorded,” the report said. In the April-June quarter of 2023, there have been six mainboard IPOs — that’s 57% higher than the same quarter of 2022, but 50% higher than Q1 of this year. SME IPOs however continued their spectacular growth — with 32 IPOs in Q2 of 2023 — growing by 75% compared to only 18 last year, and decreasing by 16% sequentially. Hospitality &amp; construction sector took the lead in the main markets during Q2 2023 with two IPOs. Based on YTD figures for 2023, automotive &amp; transportation, diversified industrial products, and real estate each saw two IPOs in the main markets. Foreign institutional investors (FIIs) are showing sustained inflows in India, resulting in an 8% market rally since April 2023. The global picture On the other hand, 2023 so far saw more than 600 IPOs raising approximately $60 billion, a contraction of 5% by volume and 36% by value YoY. “These modest results continue to reflect slower global economic growth, tight monetary policies and heightened geopolitical tensions. High interest rates and poor post-IPO share price performance have also pushed investors to look for other investment asset classes,” E&amp;Y said. Mainboard IPOs in April-June 2023 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue size </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19 April </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cube Highways Trust (InvIT) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$637 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 May </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mankind Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$529 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21 May </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nexus Select Trust REIT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$389 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18 April </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avalon Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$105 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16 June </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IKIO Lighting </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$73 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 April </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Udayshivakumar Infra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8 mn </td></tr></tbody><tbody></tbody></table>Source: E&amp;Y report A large pipeline ahead This year might see more action in the primary markets as 13 companies filed their Draft Red Herring Prospectus (DRHPs) in Q2 of 2023, adding to the pipeline. “In the forthcoming months, there is anticipated to be significant momentum in the <keyword id="2542400" type="General" weightage="20" keywordseo="indian-ipo-market" source="Orion">Indian IPO market</keyword>, encompassing both the main and SME market segments. India must continue to focus on enhancing regulatory frameworks, improving corporate governance practices, and fostering investor education," said Adarsh Ranka, partner of financial accounting advisory services leader, network firm of EY Global. However, fewer PE backed companies have pushed towards market debut this year, and traditional companies are taking a lead with the public markets as opposed to new-age companies, the E&amp;Y report said. Indian markets regulator SEBI introduced various amendments to enhance the capital markets' transparency and practices like changes in pricing of the issue, disclosure of Key Performance Indicators (KPIs), introduction of pre-filing of draft offer documents (confidential filing), the establishment of the Social Stock Exchange and more. "The recent amendments introduced by SEBI showcase the commitment towards enhancing market transparency and governance. These changes lay a strong foundation for future IPO activity and empower companies to align with best practices, reinforcing the trust of investors in the Indian capital markets," said Veenit Surana, partner at EY India.

More and more Indian companies are getting IPO ready and this is an anomaly

<ul><li>In recent years, the government's regulatory reforms have attracted increased participation from domestic financial institutions. </li><li>Between 2010 and H1 2023, the sector has seen approximately $12 billion in exits through 267 deals. </li><li><keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">Real estate</keyword>-focused AIFs have become a preferred choice for real estate investments among domestic institutions, UHNWIs, and family offices. </li></ul>The Indian real estate sector, which has been having a positive 2023, is now looking poised for expansion, with the potential to tap into approximately $41 billion in domestic <keyword id="16810461" type="General" weightage="20" keywordseo="institutional-capital" source="Orion">institutional capital</keyword>, as per JLL's report titled 'The rise of domestic capital in Indian real estate'. Over the last decade, the sector has attracted around $57 billion in institutional investments, with a substantial $46 billion of these investments occurring between 2015 and the first half of 2023, accounting for 81% of total investments since 2010. Historically, the Americas were the dominant <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) investors in India, but due to concerns abou a looming recession, their share has significantly decreased from 52% in 2022 to 26% in the first half of 2023. Nevertheless, as <keyword id="6438315" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="Orion">foreign institutional investors</keyword> adopted a more cautious approach, H1 2023 saw an increase in domestic capital, helping to bridge the gap left by the reduction in foreign investments. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment amount ($ million) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2015 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,765 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,624 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2017 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,757 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,418 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,431 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,034 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,011 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,151 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">H1 2023 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,939 </td></tr><tr><td style="border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Source: JLL Capital Markets and Venture Intelligence </td></tr></tbody><tbody></tbody></table> <cmsannotation type="cmsannotation" annotationid="Regulatory reforms and govt initiatives drive investments" comment="Subhead" text="Regulatory reforms and govt initiatives drive investments">Regulatory reforms and govt initiatives drive investments</cmsannotation> The introduction of regulatory changes, including the Real Estate Investment Trusts (<keyword id="11931834" type="General" weightage="20" keywordseo="reits" source="Orion">REITs</keyword>) guidelines in 2014, followed by the Housing for All Mission in 2015, the Real Estate Regulation and Development Act in 2016, the Benami Transactions (Prohibition) Amended Act in 2016, the implementation of the Goods and Services Tax (GST), and relaxation in foreign direct investment (FDI) norms, has significantly stimulated institutional investments in the Indian real estate sector since 2015. In recent years, the government's regulatory reforms have attracted increased participation from domestic financial institutions within the real estate industry. Between 2010 and H1 2023, the sector has seen approximately $12 billion in exits through 267 deals. Notably, domestic investors have played a substantial role in these exits, accounting for 73%, in contrast to the 27% facilitated by foreign investors. The report also highlights that buybacks and secondary sales have been the preferred exit routes, representing 51% and 31% respectively over the past 12 years. Furthermore, the latest REITs have witnessed growing involvement from domestic institutional investors, such as mutual funds and insurance companies, reflecting a rising interest in real estate from these entities, who have taken on anchor investor roles. Says Lata Pillai, senior managing director and head, Capital Markets, India, JLL, “Domestic institutions are growing stronger due to sustained capital inflows enabled by the growing economy and a robust regulatory environment. We anticipate that investments from domestic institutions will become an important source of capital in the real estate sector in the years to come.” <cmsannotation type="cmsannotation" annotationid="Alternative investment funds playing a major role" comment="Subhead" text="Alternative investment funds playing a major role">Alternative investment funds playing a major role</cmsannotation> Real estate-focused alternative investment funds (AIFs) have become a preferred choice for real estate investments among domestic institutions, UHNWIs, and family offices. AIF-II category, as of December 31, 2022, had amassed an impressive $16.5 billion, reflecting a remarkable 91% compound annual growth rate (CAGR) since 2013 when it stood at $427 million. These AIFs injected roughly $16 billion into the real estate sector, significantly enhancing liquidity. <cmsannotation type="cmsannotation" annotationid="Insurance and mutual funds’ opportunity" comment="Subhead" text="Insurance and mutual funds’ opportunity">Insurance and mutual funds’ opportunity</cmsannotation> As of March 31, 2023, life insurance companies had deployed approximately ₹10,867 crore, and general insurance companies about ₹1,845 crore in real estate. These investments are just a fraction of the permissible allocation. Regulatory frameworks create opportunities for substantial long-term capital infusion, with insurance companies holding a potential of around ₹1.65 trillion for real estate investments. Mutual funds also have the opportunity to diversify into real estate, encompassing investments in Real Estate Investment Trusts (REITs) and real estate company shares. However, these investments are capped at 10% of the net asset value (NAV) of the fund. <cmsannotation type="cmsannotation" annotationid="Private wealth can be a game changer" comment="Subhead" text="Private wealth can be a game changer">Private wealth can be a game changer</cmsannotation> The population of ultra-high-net-worth individuals (UHNWIs), those with a net worth exceeding $30 million, is projected to surge by around 40% in the coming years, soaring from 13,627 individuals in 2021 to over 19,000 by 2026. This surge in private wealth signifies a burgeoning segment in India, set to make a significant contribution to private domestic capital investments within the real estate sector.

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