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India eases offshore listing rules

  • Tim Burroughs
  • 30 September 2013
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Indian companies will be allowed to pursue IPOs overseas without first listing domestically in a move that should please private equity and venture capital investors looking for alternative exit routes. The broader policy objective is to shore up capital inflows following a spate of withdrawals by foreign investors that dragged the rupee to record lows.

According to the Ministry of Finance, approved companies will be able to raise capital overseas without the requirement of prior or subsequent listing in India. The scheme will be implemented on a pilot basis for two years and then reviewed.

Compliance and associated costs are likely to remain an obstacle for many Indian companies that aspire to go public in the US, for example. But it does open the door to IT outsourcing players that already generate much of their revenues overseas as well as internet companies that want to list on NASDAQ for the potentially higher valuations and to avoid the onerous domestic approvals process for as yet unprofitable businesses.

In August 2010, travel website MakeMyTrip became the first Indian company to list on a US exchange in four years in 2010, raising $70 million through its NASDAQ IPO after pricing the offer at more than 5x projected revenues. It translated into sizable returns for backers including SAIF Partners, Tiger Global, Helion Venture Partners and Sierra Ventures.

MakeMyTrip started out as a Mauritius-incorporated entity, so the requirement to go public at home before venturing overseas did not apply.

Under the pilot program, capital raised abroad can be used to pay down outstanding overseas debt and for acquisitions. Otherwise it must be returned to India within 15 days. The Ministry of Finance, the Department of Industrial Policy and Promotion and the Reserve Bank of India will issue notifications changing existing regulations in due course.

A total of four private equity-backed IPOs in India have raised $214 million so far this year, AVCJ Research's figures show, well short of the $2.2 billion from 49 offerings for 2010 in full. In each of 2011 and 2012, proceeds from PE-backed IPOs amounted to around $1 billion.

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