Bharti Infratel’s recent IPO may point to a revival of India’s capital markets despite the dark clouds that hang over the telecom sector

Three initial public offerings (IPOs) that happened within days of each other in December 2012 have lifted sentiment in India’s capital markets. While investors were drawn to two IPOs – the ₹5.4 billion (US$100 million) IPO by Credit Analysis and Research that was 42 times oversubscribed and the ₹6.09 billion offering by PC Jewellers that was about six times oversubscribed – it was the ₹41 billion IPO by Bharti Infratel, which was only 1.3 times oversubscribed, that drew the most applause.

“The fact that the market could absorb such a big IPO was taken as a positive sign,” says Sumes Dewan, a Gurgaon-based partner at Desai & Diwanji, pointing out that it was India’s largest Indian IPO since the Coal India IPO in October 2010, which mopped up nearly ₹155 billion.

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