ICICI

Indian conglomerate Larsen & Toubro kicked off the listing of its infrastructure investment trust (InvIt) this week, pushing a novel private placement structure. Market participants predict that with the sponsor’s strong credentials, a desire for safe assets and a bigger investor pool, the deal could be the boost InvIts have been waiting for. Jonathan Breen reports.

IndInfravit Trust will launch a Rp32.3bn ($484.3m) IPO on Thursday, the first time an Indian infrastructure investment trust (InvIT) will sell shares solely through a private placement.

A group of 23 banks opened syndication for Tata Steel’s $1.86bn dual-currency facility on Monday, but only after the deal went through numerous changes on its way to the market.

Crystal Crop Protection has filed for a Rp10bn ($150m) flotation in India that will raise both primary and secondary equity.

Varroc Engineering and Atria Convergence Technologies have submitted their respective draft prospectuses to list in India within the next few months.

India’s ICICI Securities covered nearly a third of its Rp40.2bn ($617.1m) IPO on the first day of bookbuilding, after the deal was launched with strong support from anchor investors.

HDFC Asset Management Co is set to kick off investor education for its India IPO, according to a banker working on the deal.

India’s National Stock Exchange (NSE) is likely to delay its long-awaited IPO to the 2019 financial year after the country’s market regulator sent back the bourse’s consent plea on an issue around co-location, amid an ongoing investigation.

India’s Bandhan Bank is set to launch bookbuilding for its Rp44.7bn ($687.5m) IPO next week, according to a notice on Thursday.

Tata Sons is poised to end a decade-long absence from the syndicated loan market when it launches a $1.5bn transaction later this month.

Indian processed shrimp producer Devi Seafoods has kicked off preparations for a Rp9bn ($138.5m) IPO, filing a draft prospectus with the country’s market regulator on Monday.

India's Tata Steel, which mandated a group of 21 lenders in January for a new loan, has shrunk the size of the fundraising following a blowout bond issuance.