By Dimpal Gulwani and VarunVyas Hebbalalu BENGALURU (Reuters) -Bajaj Housing Finance’s $782 million public offer opened on Monday, kicking off the busiest week for Indian IPOs so far this year as companies seek to capitalise on a booming stock market amid a retail investor frenzy. India’s stock market has hit record highs over 50 times this year and has seen about 200 companies raise more than $7 billion through IPOs, including high-profile offerings from EV-maker Ola Electric Mobility and telecom operator Bharti Hexacom. This week alone, IPOs of 16 companies open for subscription, including Bajaj Housing Finance’s smaller peer Sammaan Capital.
“The IPO market is driven by a bullish secondary market where we are seeing an extended rally,” Pranav Haldea, managing director of capital market information provider Prime Database Group, said. “Sentiment is positive on the back of a strong Indian economy and a huge gush of liquidity from domestic institutional and individual investors. This year is on track to be the best IPO year in India.
” India’s benchmark Nifty 50 index has gained about 15% in 2024, as domestic institutional investors have pumped in nearly $38 billion, offsetting selling by foreign investors. Systematic investment plan contributions in mutual funds have hit record highs for 13 straight months. Bajaj Housing Finance’s float, one of India’s largest offerings this year, is set to make the firm the country’s most valuable listed home loan provi.