KPMG expects digital companies in India to raise about $10 billion through initial public offerings in the next six months, as investors continue to pump money into the country’s technology sector. “India is unveiling an absolutely new area of growth with these digital companies for hungry global asset managers,” Srinivas Balasubramanian, senior partner and head of corporate finance at KPMG India, told Bloomberg Television’s Rishaad Salamat and Haslinda Amin in an interview. Indian companies have raised $10.8 billion from first-time share sales this year, according to data compiled by Bloomberg. Balasubramanian said the market’s sentiment has been accentuated by the Chinese government’s regulatory crackdown on its technology companies. The KPMG senior partner sees old-economy companies partly driving mergers and acquisitions as they sell assets to pare debt, as well as digital and financial-services firms that seek to consolidate by using stock as currency.

Source: Hindustan Times October 11, 2021 08:48 UTC