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Read more at The Business Times."/><meta data-rh="true" property="og:image" content="https://cassette.sphdigital.com.sg/image/businesstimes/3e1e921c5646ad4a3053041a4ba4137d86fe6cb3acda09de70bb3e00e3370f38"/><meta data-rh="true" property="og:image:width" content="1200"/><meta data-rh="true" property="og:image:height" content="630"/><meta data-rh="true" property="og:image:alt" content="Hong Kong IPOs have raised about US$9 billion this year, a significant increase from 2023’s level of US$5.6 billion – which was the lowest since 2001. "/><meta data-rh="true" property="fb:admins" content="100008016031098"/><meta data-rh="true" property="fb:pages" content="288031731262011"/><meta data-rh="true" property="fb:app_id" content="328386607332790"/><meta data-rh="true" name="twitter:card" content="summary_large_image"/><meta data-rh="true" name="twitter:site" content="@BusinessTimes"/><meta data-rh="true" name="twitter:title" content="Bankers see Asia deal drought easing as Hong Kong IPOs pick up"/><meta data-rh="true" name="twitter:url" content="https://www.businesstimes.com.sg/companies-markets/banking-finance/bankers-see-asia-deal-drought-easing-hong-kong-ipos-pick"/><meta data-rh="true" name="twitter:description" content="AFTER a lean couple of years, bankers in Asia are seeing signs of a recovery in initial public offerings (IPOs)."/><meta data-rh="true" name="twitter:image" content="https://cassette.sphdigital.com.sg/image/businesstimes/3e1e921c5646ad4a3053041a4ba4137d86fe6cb3acda09de70bb3e00e3370f38"/><meta data-rh="true" name="twitter:image:alt" content="Hong Kong IPOs have raised about US$9 billion this year, a significant increase from 2023’s level of US$5.6 billion – which was the lowest since 2001. 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data-url-path="/companies-markets/banking-finance/bankers-see-asia-deal-drought-easing-hong-kong-ipos-pick"><div><div><div data-component="component-container" class="container px-3 md:pt-4"><div data-component="component-container" class="container px-0 mx-auto md:px-3 w-full md:w-10/12 lg:w-8/12 mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">Bankers see Asia deal drought easing as Hong Kong IPOs pick up</h1><p class="mb-6 mt-2 font-lucida text-xl tracking-[-0.075rem] text-gray-850 md:px-6 md:text-4xl md:leading-normal">Investors are renewing focus on China, there is a buzz about India, and Japan also has a solid pipeline</p><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex items-center"><img class="flex-shrink-0 rounded-full" src="/assets-web2/default-BSkyYMCQ.png" width="50" height="50"/><div class="flex flex-col flex-wrap pl-2"><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Tue, Nov 12, 2024 · 08:13 AM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full bg-transparent !p-0 relative"><div class="group relative"><div class="flex items-center"><a class="line-clamp-1 place-self-center break-all text-center font-poppins text-base font-semibold capitalize !text-gray-850 border-r-0 px-0 md:px-3" href="/keywords/ipo">IPO</a><button data-size="md" type="button" aria-label="Follow tag" class="ml-auto flex aspect-square cursor-pointer items-center justify-center whitespace-nowrap rounded-full !border !border-solid !border-gray-175 px-3 text-center 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src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">Hong Kong IPOs have raised about US$9 billion this year, a significant increase from 2023’s level of US$5.6 billion – which was the lowest since 2001. PHOTO: REUTERS</div></div></li></ul></div></div></div><div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">AFTER a lean couple of years, bankers in Asia are seeing signs of a recovery in initial public offerings (IPOs).</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The number of Chinese firms considering public flotations in Hong Kong is increasing as the benchmark Hang Seng Index heads for its first annual gain since 2019. India has already notched up a record year in terms of funds raised from share sales, with more planned, while blockbuster deals are lighting up Tokyo’s stock market. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Although the overall value of share sales in Asia may end this year below 2023’s level, partly due to Beijing throttling the number of IPOs on mainland Chinese exchanges, dealmakers are optimistic next year will likely show improvement as Hong Kong’s market picks up. </p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0;margin-bottom:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div id="dfp-ad-imu1" class="ad-placeholder flex flex-col items-center justify-center" data-testid="dfp-ad-imu1" data-ad-type="imu1" data-ad-index="0" data-ad-article-id="5331105" data-ad-article-tags="ipo,asia-pacific,hong kong" data-ad-gs-channels=""></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Among Chinese companies considering selling shares in Hong Kong are drugmaker Jiangsu Hengrui Pharmaceuticals, Chery Holding’s automotive unit, condiment maker Foshan Haitian Flavouring & Food, Chinese express-delivery company SF Holding and online retail platform Dmall. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Hong Kong IPOs have raised about US$9 billion this year, a significant increase from 2023’s level of US$5.6 billion – which was the lowest since 2001. The Hang Seng Index has climbed almost 20 per cent this year, buoyed by the Chinese government’s efforts to stimulate the economy. The gauge slumped an annual average of 12 per cent in the past four years. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">China is getting renewed focus from global investors, as the recent policy stimulus shows that Beijing is actively working to address deflation, said Cathy Zhang, head of Asia-Pacific equity capital markets at Morgan Stanley. </p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="generic-newsletter"><h5 class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold uppercase leading-normal tracking-5% text-gray-850 md:text-lg">BT in your inbox</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/generic_newsletter-CGny2zps.png"/><div class="min-[321px]:pl-4 md:pl-6"><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg">Start and end each day with the latest news stories and analyses delivered straight to your inbox.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] data-[size=xs]:h-[24px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden "><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] data-[size=xs]:h-[24px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0;margin-bottom:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div id="dfp-ad-midarticlespecial" class="ad-placeholder flex flex-col items-center justify-center" data-testid="dfp-ad-midarticlespecial" data-ad-type="midarticlespecial" data-ad-index="0" data-ad-article-id="5331105" data-ad-article-tags="ipo,asia-pacific,hong kong" data-ad-gs-channels=""></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“We have seen investors go from anything but China to all about China almost overnight,” said James Wang, co-head of Asia ex-Japan equity capital markets at Goldman Sachs. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">As a sign that companies are regaining confidence in Hong Kong’s market, Midea Group raised US$4.6 billion in September in the city’s biggest listing since early 2021. That was quickly followed by the US$696 million float of Horizon Robotics and the slightly smaller listing of bottled water maker China Resources Beverage Holdings. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">There are risks ahead. Hong Kong’s stock market has turned increasingly volatile, with a measure of 50-day price swings in the Hang Seng rising to the highest since January 2023. Donald Trump’s election victory means tensions between Beijing and Washington could worsen. And it’s unlikely the city’s bourse will return to the heady days of pre-2023, when companies were raising about US$30 billion on average a year for a decade. </p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5324765" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/international/global/desperate-tourists-hong-kong-doles-out-incentives-woo-visitors-mainland-and-beyond" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/c51e9b055c6647a8666e50ab3fc1e5d8b7fd02687bcf22ec3564646987d53555?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/c51e9b055c6647a8666e50ab3fc1e5d8b7fd02687bcf22ec3564646987d53555?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/c51e9b055c6647a8666e50ab3fc1e5d8b7fd02687bcf22ec3564646987d53555?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/c51e9b055c6647a8666e50ab3fc1e5d8b7fd02687bcf22ec3564646987d53555?q=20&w=3&h=2&f=webp" loading="lazy" alt="Tourists disembark a sightseeing double-decker bus in Hong Kong's Central district. In the first nine months of 2024, there were 32.6 million visitors to Hong Kong – a year-on-year increase of about 40 per cent." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5324765"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Desperate for tourists, Hong Kong doles out incentives to woo visitors from mainland and beyond" href="/international/global/desperate-tourists-hong-kong-doles-out-incentives-woo-visitors-mainland-and-beyond" target="_blank"><span class="inline-block hover:underline">Desperate for tourists, Hong Kong doles out incentives to woo visitors from mainland and beyond</span></a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5324131" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/international/hong-kong-finance-chief-sees-growth-near-lower-end-forecast" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/e654f28aa085d981e1faea8a17a91aabd8f5a0261dfc808e48ece35537c3a727?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/e654f28aa085d981e1faea8a17a91aabd8f5a0261dfc808e48ece35537c3a727?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/e654f28aa085d981e1faea8a17a91aabd8f5a0261dfc808e48ece35537c3a727?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/e654f28aa085d981e1faea8a17a91aabd8f5a0261dfc808e48ece35537c3a727?q=20&w=3&h=2&f=webp" loading="lazy" alt="Hong Kong's government released a forecast in August saying this year's growth would be in the range of 2.5 to 3.5 per cent." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5324131"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Hong Kong finance chief sees growth near lower end of forecast" href="/international/hong-kong-finance-chief-sees-growth-near-lower-end-forecast" target="_blank"><span class="inline-block hover:underline">Hong Kong finance chief sees growth near lower end of forecast</span></a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5314604" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/banking-finance/hong-kong-central-bank-cuts-interest-rate-after-fed-move1" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/e9b7193016a82c4b5791987eab3caee29ce6a3d1f972c10a852fb18c01b9c609?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/e9b7193016a82c4b5791987eab3caee29ce6a3d1f972c10a852fb18c01b9c609?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/e9b7193016a82c4b5791987eab3caee29ce6a3d1f972c10a852fb18c01b9c609?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/e9b7193016a82c4b5791987eab3caee29ce6a3d1f972c10a852fb18c01b9c609?q=20&w=3&h=2&f=webp" loading="lazy" alt="Hong Kong's monetary policy moves in lock-step with the United States as its currency is pegged to the greenback in a tight range of 7.75 to 7.85 a dollar." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5314604"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Hong Kong central bank cuts interest rate after Fed move" href="/companies-markets/banking-finance/hong-kong-central-bank-cuts-interest-rate-after-fed-move1" target="_blank"><span class="inline-block hover:underline">Hong Kong central bank cuts interest rate after Fed move</span></a></h3></div></div></div></div><div data-testid="section-related-stories" class="overflow-hidden transition-all duration-300" style="height:0"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5307991" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/property/hong-kongs-buy-rent-gap-set-narrow-home-prices-bottom-out" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b202a0b3fe014c3283fc51391a3545749600b616eba30963b606b27ad8393058?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b202a0b3fe014c3283fc51391a3545749600b616eba30963b606b27ad8393058?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b202a0b3fe014c3283fc51391a3545749600b616eba30963b606b27ad8393058?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/b202a0b3fe014c3283fc51391a3545749600b616eba30963b606b27ad8393058?q=20&w=3&h=2&f=webp" loading="lazy" alt="While rents and prices tend to move in tandem in most housing markets, Hong Kong’s economic and demographic changes in recent years have led to a divergence." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5307991"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Hong Kong’s buy-rent gap set to narrow as home prices bottom out" href="/property/hong-kongs-buy-rent-gap-set-narrow-home-prices-bottom-out" target="_blank"><span class="inline-block hover:underline">Hong Kong’s buy-rent gap set to narrow as home prices bottom out</span></a></h3></div></div></div></div><div class="w-full"><div class="cursor-pointer place-self-center border-t border-gray-175 pt-3 text-right !font-poppins text-base font-semibold capitalize tracking-normal !text-gray-850 [@media(hover:hover)]:hover:underline">More</div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0;margin-bottom:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div id="dfp-ad-imu2" class="ad-placeholder flex flex-col items-center justify-center" data-testid="dfp-ad-imu2" data-ad-type="imu2" data-ad-index="0" data-ad-article-id="5331105" data-ad-article-tags="ipo,asia-pacific,hong kong" data-ad-gs-channels=""></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The long reach of Chinese regulators may also pose another hurdle for certain companies in the world’s second-biggest economy to carry out transactions. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">In order to see a sustained increase in IPOs, Chinese stocks will need to do well for a few quarters given their longer-term underperformance, said Jason Hsu, the Boston-based chief investment officer at Rayliant Global Advisors. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Despite an improved pipeline, ECM underwriting fees have plunged 70 per cent in China this year driven by a sharp decline in IPO fees, according to LSEG data. That compares with a more than 80 per cent increase in India, where companies have raised a record US$49 billion through first-time and secondary share sales. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">India’s IPO pipeline for next year is significant, supported by growing demand from both international and local investors, according to Saurabh Dinakar, co-head of Asia-Pacific global capital markets at Morgan Stanley. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“We are spending more time on India than ever before,” Dinakar said. “There is clearly a buzz.” </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Last month, Hyundai Motor India raised US$3.3 billion in the nation’s largest-ever IPO. LG Electronics is moving ahead with a flotation of its India unit which may raise as much as US$1.5 billion, Bloomberg News reported on Monday. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Other companies in the line-up include food delivery firm Swiggy, HDB Financial Services and Carraro’s Indian unit.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Now is “the best time ever for investment bankers” in India, said Rahul Saraf, country head of investment banking for Citigroup. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Japan also has a solid pipeline, following the 348.6 billion yen (S$3 billion) listing of Tokyo Metro last month, which was the nation’s largest IPO in six years. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Upcoming potential share sales include CVC Capital Partners’s personal-care business FineToday Holdings, and metals miner and refiner JX Advanced Metals, owned by Eneos Holdings. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The Nikkei 225 index has gained about 18 per cent this year. 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