ICICI

Laurus Labs is raising as much as Rp13.6bn ($198m) from an IPO in India which will open books early next month, after setting the terms of the transaction.

Government agency Specified Undertaking of the Unit Trust of India (Suuti) has offloaded a part of its stake in conglomerate Larsen & Toubro via an accelerated bookbuild, raising Rp19.8bn ($296.7m).

An acquisition financing to back Indian company Intas Pharmaceuticals’ purchase of a portfolio of assets in the UK and Ireland is due to hit syndication soon. The loan is expected to be one of the first big ticket trades to be booked partly out of India’s international financial services centre, Gift City.

Two private equity-backed firms in India have filed for IPOs to raise around Rp16bn ($239m), with Continental Warehousing Corp and Prataap Snacks submitting their applications to the regulator.

The names of banks backing Indian firm Intas Pharmaceutical’s bid for the UK and Ireland assets of Teva Pharmaceutical Industries have emerged.

Endurance Technologies is set to raise Rp11.6bn ($173.4m) after unveiling the price range for its India IPO, which launches on Wednesday.

India’s debut IPO from the insurance sector has priced at the top of its range, with ICICI Prudential Life Insurance Co raising Rp60.6bn ($904.8m) as demand exceeded supply by almost 11x.

UK motor and lubricant oil producer Castrol has raised Rp18.1bn ($270.1m) from a sale of its stake in Castrol India. The deal suffered from slippage after the leads missed the block window that protects such trades in the open market.

Motor and lubricant oil producer Castrol is on track to raise Rp17.7bn ($264.1m) from cutting down its stake in its Indian arm, marking the UK firm’s second such sell-down this year.

India’s equity capital markets started the week on a positive note, with the first private sector insurance company beginning to take orders for its IPO.

Excitement is building around ICICI Prudential Life Insurance Co’s long-awaited IPO in India, with bankers having predicted a blow-out response even before it launches next week. The deal will not only be India’s first listing from the insurance sector, but also the country’s largest IPO in six years. John Loh reports.

India’s L&T Technology Services and ICICI Prudential Life Insurance Co have made headlines this week with their respective IPOs, with the former aiming for Rp8.9bn ($132.9m) and the latter Rp60.6bn.