作者：亚历克斯·加布里埃尔·西蒙（Alex Gabriel Simon）随着整体股市陷入困境，印度的本土基金正在首次公开募股（IPO）定价方面展开更为艰难的谈判，利用其不断增长的影响力来控制估值，即使是对于最大规模的交易也是如此。
By Alex Gabriel Simon India’s domestic funds are driving a harder bargain on IPO pricing, using their growing clout to rein in valuations even for the biggest deals as the broader stock market struggles.
由于本土基金日益发挥其定价权，力求争取能反映出更广泛股市困境的折扣，他们正在对印度规模最大的首次公开募股的估值进行控制。
Domestic funds are reining in valuations for even the biggest initial public offerings in India as they increasingly exert their pricing power to push for discounts that reflect the broader equity market’s struggles.
金融科技平台Chittorgarh的数据显示，筹资至少100亿卢比（约合1.04亿美元）的IPO的中位市净率已从去年的10.2倍降至2026年的7.4倍，即便考虑到金融公司账面价值的扭曲，这也是一个显著的变化。数据显示，这一群体中只有两家亏损公司，而2025年和2024年每年至少各有五家。
The median price-to-book ratio for IPOs that raised at least 10 billion rupees ($104 million) has dropped to 7.4 times in 2026, compared to 10.2 times last year, according to data from fintech platform Chittorgarh, a meaningful change even accounting for the distortion of book values for financial companies. Only two loss-making companies were part of the cohort, compared with at least five each in 2025 and 2024, the data show.
受伊朗战争、全球贸易紧张局势以及对日益增长的人工智能行业的不安情绪影响，印度股市一直面临压力。由于外资持续抛售，本土资金管理者正在夺取对交易条款的控制权，迫使企业提供更便宜的入场价，否则将面临交易彻底告吹的风险。
Indian stocks have been under pressure from the Iran war, global trade tensions and the anxiety around the growing artificial intelligence industry. With persistent foreign selling, local money managers are seizing control of deal terms, forcing companies to offer cheaper entry points or risk scrapping sales entirely.
“一年前，企业在定价上毫不妥协，”埃德尔韦斯人寿保险公司（Edelweiss Life Insurance）首席投资官里特什·塔克萨利（Ritesh Taksali）表示，“现在你可以以不错的折扣买到一些公司的股票。以前存在很多错失恐惧症（FOMO），人们现在对所买的东西以及有多少安全边际有了更多的认识。”市场数据提供商primedatabase.com的数据显示，今年本土机构在企业首次股票发售筹集资金中所占的份额为33%，而2021年仅为24%。
“A year back, companies were not budging on pricing,” Ritesh Taksali, chief investment officer at Edelweiss Life Insurance said. “Now you can get some companies at a good discount. There was a lot of FOMO before, people are now more cognizant of what they’re buying and how much margin of safety is available.”The share of domestic institutions in proceeds raised by companies through first-time share sales stood at 33% this year, according to market data provider primedatabase.com. That compares with just 24% in 2021.
这种影响已经蔓延到印度国家证券交易所（National Stock Exchange of India）IPO等备受瞩目的上市项目——该国历史上第二大IPO的规模缩减了约15%。即时零售公司Zepto Pvt.已于8月暂停了其发行计划，Prestige Estates Projects Ltd.的酒店业务部门也在上周暂停了发行。
The impact has spread to marquee listings like the IPO of National Stock Exchange of India, the country’s second-largest ever, downsized by about 15%. Rapid-commerce firm Zepto Pvt. hit pause on its offering in August, as did the hospitality unit of Prestige Estates Projects Ltd. last week.
虽然基金经理仍认为定价往往过高，但新的市场现实使投资者变得更加挑剔。
While fund managers still think pricing is often frothy, the new market reality is making investors much more selective.
近年来，“持续投入合理的时间来分析和跟踪新公司”，未来资产共同基金股票部主管Gaurav Misra表示。“作为买方，我希望桌面上能留下更多价值。但我参与的IPO对我们来说并未定价过高。”
In recent years, there has been a “persistently reasonable amount of time spent on analyzing and tracking new firms,” Gaurav Misra, Mirae Asset Mutual Fund’s head of equities said. “I would like, as a buyer, for more value to be left on the table. But IPOs I have participated in have not been over priced to us.”
“最明显的迹象出现在高端，”Alpha AMC首席执行官兼基金经理Rajesh Singla表示。“NSE在开盘前缩减了发行规模，这表明卖方在倾听投资者愿意支付的价格。”
“The clearest sign is at the top end,” said Rajesh Singla, CEO and Fund Manager at Alpha AMC. “NSE trimmed the size of its offer ahead of opening, which read as sellers listening to what investors were willing to pay.”