South Asia

Chemplast Sanmar has opened bookbuilding for its up to Rp38.5bn ($517.1m) IPO, while Aptus Value Housing Finance India is targeting Rp27.8bn.

Power Finance Corp’s decision to ditch a Libor-linked loan in favour of a fixed rate deal is a bold move — but also shows how far behind Asia’s loan market still is in transitioning away from the benchmark lending rate.

Devyani International, India’s largest franchisee of Pizza Hut, KFC and Costa Coffee, has raised Rp18.38bn ($247.6m) from a listing of primary and secondary stock.

India’s Power Finance Corp is raising a loan with a fixed rate as it looks to move away from Libor, but its decision has received lukewarm response from lenders concerned about the lack of precedents.

Cement producer Nuvoco Vistas Corp is aiming to raise Rp50.9bn ($686.2m) from its listing of primary and secondary shares in India.

Indian telecommunications company Summit Digitel Infrastructure made its debut in the dollar market this week, appealing to investors in the US and Europe that were keen to buy highly rated notes.

Indian agribusiness company Adani Wilmar has filed draft documents with the securities regulator for a Rp45bn ($605.6m) IPO.

Indian power finance company REC, formerly known as Rural Electrification Corp, has mandated five banks for a $600m loan.

PB Fintech, parent of online insurance platform Policybazaar, has filed initials documents for a Rp60.17bn ($809.2m) IPO in India.

Glenmark Life Sciences, a pharmaceutical ingredients manufacturer, wrapped up a three-day bookbuild for its India IPO on Thursday. The deal, worth up to Rp15.5bn ($208.6m), was covered 15.5 times.

Acme Solar Holdings was one of the few borrowers in Asia to brave volatile market conditions on Thursday to sell its debut dollar bond.

Adani Ports and Special Economic Zone locked up a $750m dual-tranche bond on Monday. But the deal was not easy for the Indian borrower, as negative headlines at home and a volatile Asian market kept many investors away. Morgan Davis reports.