AXIS bank

The scorching pace of Indian IPOs looks set to continue as Dilip Buildcon prepares to launch a Rp6.53bn ($97.5m) listing next week, with bankers expecting a solid response from investors.

The Masala bond market finally sprang into life this week as Housing Development Finance Corp sealed the first offshore rupee deal from an Indian corporate. With a benchmark now set and the currency one of the better performers this year, market watchers said the door has opened for peers to follow. Rashmi Kumar reports.

Housing Development Finance Corp is set to put its name in the history books after launching the very first Masala bond from an Indian issuer on Monday evening. The offshore rupee trade has been a long time coming but if successful, it could unleash a torrent of new issuance from Indian firms.

Indian company Piramal Healthcare has sealed a $145m refinancing bridge loan with four lenders.

Varun Beverages has filed a draft red herring prospectus to list in India, with the IPO slated for the end of the year under leads Axis Capital, Citic CLSA Securities and Kotak Mahindra Capital.