拉杰什·马斯卡伦哈斯报道 印度首次公开募股以前所未有的势头向前推进，尽管股市遭遇抛售，IPO市场依然逆势增长。
By Rajesh Mascarenhas India’s initial public offerings are powering ahead like never before, defying a selloff in the stock market.
9月创下了一连串纪录，涉及启动的IPO数量、招股说明书草案提交数量等多个方面。据primedatabase.com汇总的数据，34家公司当月通过IPO募资超过3930亿卢比（41亿美元），另有46家公司提交了主板IPO招股说明书草案。
September delivered a string of records, from the number of deal launches to draft prospectus filings. Thirty four companies raised more than 393 billion rupees ($4.1 billion) through IPOs in the month, according to data compiled by primedatabase.com., while 46 filed draft papers for mainboard IPOs.
全球基金也被这一交易活跃度吸引。印度国家证券存管有限公司的数据显示，今年以来，这些基金已在一级市场投入近5450亿卢比；相比之下，它们在二级市场卖出了约3万亿卢比的股票。二级市场本周有望创下近25年来持续时间最长的周度连跌纪录。
The deal flow also attracted the attention of global funds, who have invested nearly 545 billion rupees in the primary market this year, National Securities Depository Ltd. data show. In contrast, they sold about 3 trillion rupees of shares in the secondary market, which is on course to cap its longest weekly losing streak in nearly 25 years.
这种分化表明，投资者对在印度何处配置资金正变得更为谨慎。虽然对估值和盈利的担忧令股票承压，但定价颇具吸引力的新股以及不断壮大的本土资本池，为企业提供了即便在困难市场中也能筹集资金的机会。
The divergence shows investors are becoming more selective about where they put their money in India. While concerns over valuations and earnings have weighed on stocks, attractively priced new listings and a growing pool of domestic capital are giving companies an opportunity to raise funds even in a difficult market.
Prime Database集团董事总经理普拉纳夫·哈尔迪亚表示：“这轮发行热潮反映出企业对一级市场的融资兴趣日益增强，近期IPO获得投资者踊跃认购，上市首日表现也较为亮眼，这进一步推动了发行。多个项目的认购水平均十分火热，这让潜在发行人更有信心推进上市计划。”今年开局疲弱后，印度资本市场交易活动有所加速，这在很大程度上得益于印度国家证券交易所有限公司、SBI基金管理有限公司和曼帕尔健康企业有限公司推出的大型IPO，三者合计募资约43亿美元。
“The rush reflects growing interest among companies in tapping the primary market, encouraged by strong investor demand for recent IPOs and healthy listing-day gains,” said Pranav Haldea, managing director of Prime Database Group. “Robust subscription levels across several offerings have given prospective issuers greater confidence to move ahead with their listing plans.”India’s dealmaking activity accelerated after a subdued start to the year, helped in large part by major IPOs from National Stock Exchange of India Ltd., SBI Funds Management Ltd. and Manipal Health Enterprises Ltd., which together raised about $4.3 billion.
年底最后几个月传统上都是印度IPO市场最繁忙的时段。正在筹备的大额发行包括Jio Platforms Ltd.拟进行的逾31亿美元股票销售、Avaada Electro Ltd.计划进行的8亿美元IPO，以及Advanta Enterprises Ltd.可能实施的4亿美元发行。
The final months of the year are traditionally the busiest for India’s IPO market. Among the large offerings in the pipeline are Jio Platforms Ltd.’s proposed share sale of more than $3.1 billion, Avaada Electro Ltd.’s planned $800 million IPO and a potential $400 million offering by Advanta Enterprises Ltd.
这轮发行热潮 partly 是期限因素推动的：截至3月31日止年度的经审计财务报表，在IPO文件中只能使用至9月30日。银行家预计，这一势头将延续至第四季度，届时将有多笔大额发行推进，同时中小型发行也将保持稳定节奏。
Part of the rush was driven by a deadline, as audited financial statements for the year ended March 31 can be used in IPO documents only through Sept. 30. Bankers expect the momentum to carry into the final quarter, with several large offerings being prepared alongside a steady stream of small- and mid-sized deals.
这波申报潮还预示着2027年将迎来活跃开局，因为企业通常需要数月时间才能取得监管批准、开展投资者路演并完成上市。目前已有约144家公司获批启动IPO，另有73家公司已提交招股说明书草案，等待审批。
The wave of filings also points to an active start to 2027, as companies typically need several months to secure regulatory approvals, conduct investor roadshows and complete their listings. About 144 companies have already received regulatory approval to launch IPOs, while another 73 have filed draft prospectuses and are awaiting clearance.