State Bank of India SBI

SBI Cards and Payment Services filed listing documents with India’s regulator this week for an IPO of up to Rp95bn ($1.33bn). The deal is on track to be the largest listing the country has seen for more than two years, writes Jonathan Breen.

State Bank of India is looking to raise about Rp80bn ($1.1bn) by selling a minority stake in SBI Cards’ planned jumbo IPO, according to a banker on the mandate.

Bajaj Finance, an Indian non-banking financial company, has launched its debut offshore borrowing of $575m-equivalent into general syndication.

Axis Bank is looking to raise Rp100bn ($1.4bn) from a primary share sale to boost its capital adequacy ratio, according to sources close to the deal.

State Bank of India is looking to raise at least Rp26.95bn ($378m) from a stake sale in SBI Life Insurance Co, receiving a flood of early demand.

Power plant operator Bajaj Energy has got the greenlight from India’s market regulator to launch a Rp54.5bn ($756.7m) IPO of primary and secondary shares.

Tata AutoComp Systems, an Indian company that provides automotive components, has returned to the loan market for a dual-currency deal to refinance its acquisition borrowing from 2017.

SBI Cards and Payment Services, the credit card subsidiary of State Bank of India, has invited investment banks and lawyers to submit proposals to work on its IPO.

India’s securities regulator has given the greenlight for Sterling and Wilson Solar’s IPO, which could raise up to Rp45bn ($655m).

India’s Mahindra & Mahindra Financial Services has launched its first offshore loan through three banks.

Sterling and Wilson Solar, the solar power business of Indian conglomerate Shapoorji Pallonji Group, is eyeing a listing of up to Rp45bn ($648m), having filed a draft prospectus this week.

Reliance Industries is tapping the Japanese yen market as part of a $1.5bn dual-currency loan syndication.