Equitas seals first Indian IPO of financial year

Microfinance company Equitas Holdings has kicked off a potentially record breaking year for Indian equity issuance, raising at least Rs21.6 billion $327 million from the first initial public offering of the 201617 fiscal year.

The deal will rank as the country’s third largest IPO in the past three-and-a half-years behind Bharti Infratel’s $760 million deal from December 2012 and InterGlobe Aviation’s more recent $459 million flotation in October last year.

Amid a dearth of ECM activity so far this year, it also represents only the third Asian IPO outside of China and Japan to rake in more than $300 million.

However, India...