数据显示，在2027财年上半年，印度企业尽管面临二级市场的低迷，仍成功筹集了2.43万亿卢比（约合252.7亿美元），创下该时期的历史新高。这主要是因为国内投资者正在寻找新的投资机会。
Indian companies defied a secondary market slump to raise 2.43 trillion rupees ($25.27 billion) in the first half of fiscal 2027, a record for the period, data showed on Thursday, as domestic investors sought fresh opportunities to deploy capital. Not only did equity fundraising jump 75% year-on-year in April-September, according to PRIME Database Group, but average listing gains also jumped to 19% from 7%.
根据PRIME Database Group的报告，4月至9月期间，企业的股权融资金额同比增长了75%；同时，上市公司的平均股价涨幅也从7%上升到了19%。相比之下，同期基准指数Nifty 50仅上涨了1.3%。
In contrast, the benchmark Nifty 50 inched up 1.3% in the period. Pranav Haldea, managing director of PRIME Database Group, cited two reasons for the “unusual” divergence between the primary and secondary markets — a backlog of initial public offerings over the last 2-3 years and strong domestic liquidity.
PRIME Database Group的董事总经理Pranav Haldea指出，一级市场（IPO市场）与二级市场之间存在这种“异常”差异的原因主要有两个：一是过去两三年间积压了大量待上市的IPO项目；二是国内市场的流动性非常强劲。
The half-year had long-awaited IPOs from big-ticket companies, including bourse operator NSE’s $2.3 billion issue, India’s second-largest on record, the country’s largest asset manager SBI Funds Management’s $1.03 billion IPO and hospital chain operator Manipal Health Enterprises’ $960 million offering.
在这一时期，多家大型企业成功完成了IPO，其中包括证券交易所运营商NSE（其IPO规模为23亿美元，创印度历史上第二大IPO纪录）、印度最大的资产管理公司SBI Funds Management（IPO规模为10.3亿美元），以及医院连锁运营商Manipal Health Enterprises（IPO规模为9.6亿美元）。
Mainboard IPOs raised a record 942.05 billion rupees across 78 issues, 35% higher than the previous record set in the first half of fiscal 2026, data showed.
数据显示，在主板市场上，78家公司的IPO共筹集了9420.5亿卢比，比2026财年上半年的纪录高出35%。
In April, India’s market regulator granted a one-time extension for IPOs deferred due to weak market sentiment from the Middle East war, whose approvals were lapsing between April and September, adding to the surge.
由于中东战争导致市场情绪低迷，印度证券监管机构在4月至9月期间为那些被推迟的IPO项目提供了临时延期许可，这也进一步推动了IPO市场的繁荣。
INVESTMENTS AND DIVESTMENTS Investors also looked for niche opportunities, with a number of listings coming from sectors thinly represented on Indian bourses, according to Yatin Singh, CEO — investment banking at Emkay Global Financial Services, offering them a way into newer corners of the economy.
Emkay Global Financial Services的投资银行业首席执行官Yatin Singh表示，投资者也在寻找具有潜力的投资机会；许多新上市的公司在印度证券市场的代表性较弱，这些公司的出现为投资者提供了进入经济新领域（如家具租赁平台Rentomojo、供应链资产管理公司LEAP India以及资产重组公司Asset Reconstruction Company (India)）的途径。
Some of these include furniture rental platform Rentomojo, supply chain asset pooling company LEAP India and Asset Reconstruction Company (India), among others.
与此同时，政府从印度人寿保险公司（Life Insurance Corp of India）和印度煤炭公司（Coal India）等企业中大规模撤资，这导致二次股票发行（secondary stock offerings）的规模激增至5533.7亿卢比（原金额为1097.7亿卢比）。其中，仅印度人寿保险公司出售6.5%股权所获得的收入就达到了约314亿卢比。合格机构投资者（qualified institutional investors）的认购额也增长了36%，达到6155.3亿卢比，其中以高塔姆·阿达尼（Gautam Adani）领导的阿达尼集团（Adani Enterprises）的表现最为突出。
Meanwhile, the government’s spree of divestments from companies such as Life Insurance Corp of India and Coal India pushed secondary stock offerings fivefold higher to 553.37 billion rupees. Of this, LIC’s 6.5% stake sale alone accounted for about 314 billion rupees. Qualified institutional placements also jumped 36% to 615.53 billion rupees, led by Gautam Adani-led Adani Enterprises.
这种融资热潮丝毫没有放缓的迹象。根据PRIME数据库的数据，目前有近250家公司计划通过首次公开募股（IPO）筹集约4.65万亿卢比的资金。这些公司包括Jio Platforms（其IPO规模为38亿美元）、丹麦啤酒制造商嘉士伯（Carlsberg）在印度的业务，以及酒店预订平台Oyo的母公司Prism。辛格（Singh）补充说：“除非全球或印度的某些基本状况发生重大变化，否则下半年情况不会发生剧烈波动。”
The rush is showing little sign of slowing down. Nearly 250 companies are in the pipeline to raise about 4.65 trillion rupees through IPOs, according to PRIME Database. This includes Jio Platforms’ $3.8 billion IPO, Danish brewer Carlsberg’s India business, and hotel aggregator Oyo’s parent Prism. “Things are not going to change dramatically in the second half unless any fundamental aspects, globally or in India, change materially from where we are right now,” Singh added.