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無懼疫情,投資者蜂擁印度

Biman Mukherji
2021-06-24

在一系列IPO的推動(dòng)下,印度股市在本財(cái)年有望創(chuàng)下史上最高的融資紀(jì)錄。

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面對(duì)洶涌襲來的第二波新冠肺炎疫情,印度股市展現(xiàn)了令人嘆為觀止的韌性。現(xiàn)在,受到投資者樂觀情緒的感染,等待上市的公司排起了長(zhǎng)隊(duì)。在一系列IPO的推動(dòng)下,印度股市在本財(cái)年有望創(chuàng)下史上最高的融資紀(jì)錄。

根據(jù)印度一級(jí)資本市場(chǎng)數(shù)據(jù)供應(yīng)商Prime Database發(fā)布的信息,截至6月11日,已經(jīng)有18家公司獲得了印度證券交易委員會(huì)(Securities and Exchange Board of India)的上市批準(zhǔn),另有27家公司正在等待這家監(jiān)管機(jī)構(gòu)放行。

Prime Database的創(chuàng)始人及董事長(zhǎng)普里特維?哈爾迪亞表示,這些公司預(yù)計(jì)將籌集7500至8000億盧比,也就是102億至109億美元。他說,在截至2022年3月的財(cái)年,隨著更多公司提交IPO申請(qǐng),融資總額可能會(huì)超過2018年創(chuàng)下的上一個(gè)歷史高點(diǎn)——111億美元。

“只要二級(jí)市場(chǎng)保持繁榮,這股IPO熱潮就會(huì)持續(xù)下去。”哈爾迪亞說。

印度基準(zhǔn)股指BSE指數(shù)6月21日收盤時(shí)僅比6月15日創(chuàng)下的歷史高位52,773點(diǎn)低0.4%。在印度第二波新冠疫情爆發(fā)期間,數(shù)百萬人感染,數(shù)萬人死亡,大片地區(qū)被封鎖。但在疫情爆發(fā)初期遭到打擊之后,股市迅速反彈,目前在重要的心理關(guān)口5萬點(diǎn)附近徘徊,即使印度每天的新增感染病例仍然超過40萬例。

投資者并沒有緊盯著第二波疫情對(duì)需求帶來的直接沖擊,轉(zhuǎn)而將目光投向印度誘人的長(zhǎng)期基本面:印度經(jīng)濟(jì)預(yù)計(jì)今年將創(chuàng)下全球金融危機(jī)以來的最快增速;政府計(jì)劃通過增加聯(lián)邦支出來促進(jìn)中期增長(zhǎng);印度是世界第二人口大國,同時(shí)也擁有世界最年輕的人口之一。拜新冠肺炎疫情所賜,印度消費(fèi)者擁抱數(shù)字化的速度快于預(yù)期。例如,根據(jù)管理咨詢公司RedSeer的數(shù)據(jù),2020年使用在線食品雜貨服務(wù)的印度人增加了一倍多,達(dá)到2300萬。

更重要的是,流動(dòng)性唾手可得,利率也很低。

這些因素合力提振了投資者的信心,并讓初創(chuàng)企業(yè)相信現(xiàn)在是上市的絕佳時(shí)機(jī)。

印度管理學(xué)院加爾各答分校(Indian Institute of Management in Kolkata)的客座教員迪普?慕克吉表示,充沛的流動(dòng)性降低了股權(quán)融資成本,從而激勵(lì)企業(yè)競(jìng)相上市。“那些正在尋找資本的企業(yè)可能會(huì)選擇股權(quán)融資,而不是債務(wù)融資。”他指出。

事實(shí)上,歷經(jīng)多年風(fēng)險(xiǎn)投資的打造,一些處于IPO管道中的初創(chuàng)企業(yè)已經(jīng)發(fā)展成為“獨(dú)角獸”。作為一家擁有11年歷史、背靠軟銀(SoftBank)和中國支付巨頭螞蟻金服的數(shù)字支付公司,Paytm是印度最受期待的IPO項(xiàng)目之一。該公司預(yù)計(jì)在今年晚些時(shí)候上市,據(jù)稱將籌資30億美元。Zomato的IPO也有望產(chǎn)生轟動(dòng)效應(yīng)。這家擁有12年歷史的在線送餐公司控制著印度超過50%的市場(chǎng)份額,計(jì)劃融資11億美元。軟銀支持的Policybazaar是印度最大的在線保險(xiǎn)公司,成立于2008年,預(yù)計(jì)將籌集5億美元。

而對(duì)其他公司來說,印度在疫情期間急劇加快的數(shù)字化步伐促使它們的IPO進(jìn)程顯著提速。

買賣新車和二手車的數(shù)字平臺(tái)CarTrade表示,在截至2020年3月的財(cái)年中,其收入猛增了50%。有報(bào)道稱,該公司計(jì)劃在即將到來的IPO中籌集2.7億美元。

“新冠肺炎疫情爆發(fā)后,越來越多的印度人將他們的購物、支付方式、健康檢查和其他業(yè)務(wù)轉(zhuǎn)移到網(wǎng)上,這些公司的增長(zhǎng)軌跡和上市日程隨之駛?cè)肟燔嚨馈!豹?dú)立投資銀行Moelis India的首席執(zhí)行官瑪尼莎?吉羅特拉這樣說道。

分析師指出,如果這一連串的IPO獲得成功,印度作為商業(yè)創(chuàng)造和高回報(bào)中心的聲譽(yù)將得到進(jìn)一步鞏固。

“從投資美國和中國的同類公司獲得收益后,機(jī)構(gòu)投資者對(duì)買入印度科技公司的IPO展現(xiàn)出了濃厚的興趣。”科塔克投資銀行(Kotak Investment Banking)的高級(jí)執(zhí)行董事V.?賈亞薩納卡說,“明年至少會(huì)有4到5家獨(dú)角獸在印度上市,預(yù)計(jì)將有更多的公司效仿這種上市途徑。”(財(cái)富中文網(wǎng))

譯者:任文科

面對(duì)洶涌襲來的第二波新冠肺炎疫情,印度股市展現(xiàn)了令人嘆為觀止的韌性。現(xiàn)在,受到投資者樂觀情緒的感染,等待上市的公司排起了長(zhǎng)隊(duì)。在一系列IPO的推動(dòng)下,印度股市在本財(cái)年有望創(chuàng)下史上最高的融資紀(jì)錄。

根據(jù)印度一級(jí)資本市場(chǎng)數(shù)據(jù)供應(yīng)商Prime Database發(fā)布的信息,截至6月11日,已經(jīng)有18家公司獲得了印度證券交易委員會(huì)(Securities and Exchange Board of India)的上市批準(zhǔn),另有27家公司正在等待這家監(jiān)管機(jī)構(gòu)放行。

Prime Database的創(chuàng)始人及董事長(zhǎng)普里特維?哈爾迪亞表示,這些公司預(yù)計(jì)將籌集7500至8000億盧比,也就是102億至109億美元。他說,在截至2022年3月的財(cái)年,隨著更多公司提交IPO申請(qǐng),融資總額可能會(huì)超過2018年創(chuàng)下的上一個(gè)歷史高點(diǎn)——111億美元。

“只要二級(jí)市場(chǎng)保持繁榮,這股IPO熱潮就會(huì)持續(xù)下去。”哈爾迪亞說。

印度基準(zhǔn)股指BSE指數(shù)6月21日收盤時(shí)僅比6月15日創(chuàng)下的歷史高位52,773點(diǎn)低0.4%。在印度第二波新冠疫情爆發(fā)期間,數(shù)百萬人感染,數(shù)萬人死亡,大片地區(qū)被封鎖。但在疫情爆發(fā)初期遭到打擊之后,股市迅速反彈,目前在重要的心理關(guān)口5萬點(diǎn)附近徘徊,即使印度每天的新增感染病例仍然超過40萬例。

投資者并沒有緊盯著第二波疫情對(duì)需求帶來的直接沖擊,轉(zhuǎn)而將目光投向印度誘人的長(zhǎng)期基本面:印度經(jīng)濟(jì)預(yù)計(jì)今年將創(chuàng)下全球金融危機(jī)以來的最快增速;政府計(jì)劃通過增加聯(lián)邦支出來促進(jìn)中期增長(zhǎng);印度是世界第二人口大國,同時(shí)也擁有世界最年輕的人口之一。拜新冠肺炎疫情所賜,印度消費(fèi)者擁抱數(shù)字化的速度快于預(yù)期。例如,根據(jù)管理咨詢公司RedSeer的數(shù)據(jù),2020年使用在線食品雜貨服務(wù)的印度人增加了一倍多,達(dá)到2300萬。

更重要的是,流動(dòng)性唾手可得,利率也很低。

這些因素合力提振了投資者的信心,并讓初創(chuàng)企業(yè)相信現(xiàn)在是上市的絕佳時(shí)機(jī)。

印度管理學(xué)院加爾各答分校(Indian Institute of Management in Kolkata)的客座教員迪普?慕克吉表示,充沛的流動(dòng)性降低了股權(quán)融資成本,從而激勵(lì)企業(yè)競(jìng)相上市。“那些正在尋找資本的企業(yè)可能會(huì)選擇股權(quán)融資,而不是債務(wù)融資。”他指出。

事實(shí)上,歷經(jīng)多年風(fēng)險(xiǎn)投資的打造,一些處于IPO管道中的初創(chuàng)企業(yè)已經(jīng)發(fā)展成為“獨(dú)角獸”。作為一家擁有11年歷史、背靠軟銀(SoftBank)和中國支付巨頭螞蟻金服的數(shù)字支付公司,Paytm是印度最受期待的IPO項(xiàng)目之一。該公司預(yù)計(jì)在今年晚些時(shí)候上市,據(jù)稱將籌資30億美元。Zomato的IPO也有望產(chǎn)生轟動(dòng)效應(yīng)。這家擁有12年歷史的在線送餐公司控制著印度超過50%的市場(chǎng)份額,計(jì)劃融資11億美元。軟銀支持的Policybazaar是印度最大的在線保險(xiǎn)公司,成立于2008年,預(yù)計(jì)將籌集5億美元。

而對(duì)其他公司來說,印度在疫情期間急劇加快的數(shù)字化步伐促使它們的IPO進(jìn)程顯著提速。

買賣新車和二手車的數(shù)字平臺(tái)CarTrade表示,在截至2020年3月的財(cái)年中,其收入猛增了50%。有報(bào)道稱,該公司計(jì)劃在即將到來的IPO中籌集2.7億美元。

“新冠肺炎疫情爆發(fā)后,越來越多的印度人將他們的購物、支付方式、健康檢查和其他業(yè)務(wù)轉(zhuǎn)移到網(wǎng)上,這些公司的增長(zhǎng)軌跡和上市日程隨之駛?cè)肟燔嚨馈!豹?dú)立投資銀行Moelis India的首席執(zhí)行官瑪尼莎?吉羅特拉這樣說道。

分析師指出,如果這一連串的IPO獲得成功,印度作為商業(yè)創(chuàng)造和高回報(bào)中心的聲譽(yù)將得到進(jìn)一步鞏固。

“從投資美國和中國的同類公司獲得收益后,機(jī)構(gòu)投資者對(duì)買入印度科技公司的IPO展現(xiàn)出了濃厚的興趣。”科塔克投資銀行(Kotak Investment Banking)的高級(jí)執(zhí)行董事V.?賈亞薩納卡說,“明年至少會(huì)有4到5家獨(dú)角獸在印度上市,預(yù)計(jì)將有更多的公司效仿這種上市途徑。”(財(cái)富中文網(wǎng))

譯者:任文科

India’s stock markets endured the country’s devastating second COVID wave with surprising resilience. Now, companies are lining up to take advantage of that positive investor sentiment with a series of initial public offerings that could raise a record amount of money in the current fiscal year.

As of June 11, 18 companies have received approval from the Securities and Exchange Board of India (SEBI) to go public, and another 27 companies are awaiting the green light, according to Prime Database, an Indian database dedicated to the primary capital market.

That pipeline is forecast to raise Rs 75,000 to 80,000 crore or $10.2 billion to $10.9 billion, says Prithvi Haldea, founder and chairman of Prime Database. With more companies expected to file for IPO approval, the total amount raised in the fiscal year ending in March 2022 is likely to exceed the previous high of $11.1 billion set in 2018, he says.

“The rush of IPOs will continue as long as the secondary market remains buoyant,” Haldea says.

India’s benchmark BSE index on June 21 closed 0.4% shy of its all-time high of 52,773 points, set on June 15. During India’s second COVID wave, which infected millions, killed tens of thousands, and locked down large swaths of the country, the market took an initial hit but rebounded quickly, hovering around the psychologically important 50,000-point threshold, even as coronavirus cases topped 400,000 per day.

Investors looked beyond the second wave’s immediate hit to demand, focusing instead on India’s alluring long-term fundamentals: The economy is expected to grow this year at its fastest pace since the global financial crisis; the government plans to boost medium-term growth with federal spending; and India boasts the world’s second-largest population, which is also one of its youngest. Indian consumers are going digital faster than expected thanks to the pandemic. For instance, the number of people using online grocery services more than doubled to 23 million in 2020, according to management consultancy RedSeer.

What’s more, liquidity is readily available, and interest rates are low.

Those factors have coalesced to juice investor confidence and convince startups that now is the time to list.

Deep Mukherjee, a visiting faculty member at the Indian Institute of Management in Kolkata, says the abundance of liquidity has lowered the cost of equity capital, encouraging companies to go public. “Businesses that are looking for capital are likely to go for equity over debt,” he notes.

Some of the startups in the IPO pipeline matured to unicorn status after years of venture capital investment. The IPO of Paytm, an 11-year-old digital payments company that’s backed by SoftBank and China’s Ant Financial, is one of India’s most highly anticipated. It’s set to raise a reported $3 billion in a listing that could come later this year. Zomato’s IPO also promises to be a blockbuster. The 12-year-old online food delivery company that controls over 50% of India’s market is set to raise $1.1 billion. SoftBank-backed Policybazaar, India’s largest online insurance company, founded in 2008, is expected to raise $500 million.

And for others, India’s turbocharged digitization during COVID accelerated their journey to an IPO.

CarTrade, a digital platform for buying and selling new and used vehicles, says its revenues jumped 50% in the fiscal year ended March 2020. It’s planning to raise a reported $270 million in its upcoming IPO.

“The pandemic has fast-tracked the growth trajectory and consequent time to market these companies as more people shifted their shopping, payments methods, health checkups, and other businesses online due to the pandemic,” says Manisha Girotra, CEO of Moelis India, an independent investment bank.

If this string of IPOs is successful, it could cement India’s reputation as a hub for business creation and high returns, analysts say.

“Institutional investors have a significant appetite to buy into IPOs of technology-driven companies [in India], having benefited from investing in several such peers in the U.S. and China,” says V. Jayasankar, senior executive director at Kotak Investment Banking. “We are going to see at least four to five unicorns listed in India in the next year, paving the way for many more to follow.”

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