In a difficult year for Asian equity financing, India's IPO market stands out as the one bright spot. Overall Indian ECM volumes have fallen to US$7.16bn at the end of the third quarter compared with US$18.5bn for the same period of 2015, according to Thomson Reuters data. Fewer government stake sales and a slowdown in follow-on capital raisings through qualified institutional placements have weighed on deal flow, leaving this year's total some way off the forecast of US$15bn-$20 bankers had made at the start of the year. Although the last quarter is expected to be active in terms of IPOs and secondary share sales, the original target will be missed by a distance, bankers said.
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