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India shines among global equity markets amid lacklustre deal activity in Asia

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India's equity market is outshining other global markets in terms of deal activity, particularly as other Asian markets struggle. India's large pipeline of block trades and listings, including the upcoming $3 billion IPO of Hyundai Motor's unit, is attracting more funds. Global interest rates, geopolitical tensions, China's economic slowdown, and restrictions on IPOs in China have hindered dealmaking in other Asian markets. India, on the other hand, has become the second busiest market for equity capital market deals after the US. In the first quarter of 2024, Indian companies raised $2.3 billion in IPOs, a significant increase from the same period last year. India accounted for 10.05% of the global total of ECM deals, a record high. The country's size, scale, and quality of issuers have attracted global interest. The National Stock Exchange was the third most active listing venue globally in the first quarter. Large deals on the horizon include Hyundai Motor's India unit IPO and Vishal Mega Mart's $1 billion IPO.