Last year turned out to be a bumper year for stock exchanges in India and companies that debuted on bourses in Asia's third-largest economy. Analysts expect more of the same in 2021.
The value of initial public offerings by Indian firms more than doubled in 2020 to 450 billion rupees (Dh22.61bn), from 203 billion rupees recorded the previous year, according to Kotak Investment Banking, which expects the number of IPOs and their values to climb further in 2021.
The rush to list shares in India last year came as local stock markets scaled record highs, despite the country's economy plunging into recession as it grappled with the Covid-19 pandemic.
“We may continue to see heightened IPO activity dominated by resilient sectors like tech, healthcare and consumer,” says V Jayasankar, senior executive director and head of equity capital markets at Kotak Investment Banking.
“Given the robust IPO markets, we expect many unlisted corporates to list earlier than previously envisaged.”
Companies that are expected to go public this year include the tech-driven food delivery start-up Zomato, government-owned Life Insurance Corporation of India (LIC), Mumbai-based mobile games firm Nazara Technologies, and jewellery retailer Kalyan Jewellers.
“Given the positive scenario in the market, more companies are interested in listing on the stock exchange,” says Nitin Shahi, executive director of Findoc Financial Services Group. “2021 is expected to be even better on the IPO front.”
The success of last year's debutants such as Burger King India, whose December share sale was more than 150 times oversubscribed, is a sign investors are hungry for more firms to list. The company's share price more than doubled on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on the first day of trading.
Public floats of several other firms, including Mazagon Dock Shipbuilders, were also heavily oversubscribed as they debuted on the exchanges in the latter part of 2020.
“Despite the pandemic, the majority of the IPOs in 2020 are in green, mainly due to good quality and futuristic companies, attractive valuations and above all the abundant liquidity in the market,” says Rajnath Yadav, an analyst at Mumbai-based Choice Broking.
“Sectors that outperformed the market included technology, healthcare, chemicals and consumer,” however, financial sector companies were not "received well by investors”, he adds.
"We may continue to see heightened IPO activity dominated by resilient sectors like new-age tech, healthcare and consumer," V Jayasankar, senior executive director at Kotak Investment Banking, says
Last year got off to a slow, shaky start in the first half of 2020, with markets crashing as the pandemic took hold and India went into a punishing nationwide lockdown. The global equities meltdown in March also drove Indian markets down.
But the tumult was short-lived and as global equities bounced back, Indian bourses also staged a remarkable recovery and surged to all-time highs.
Market experts say the surge was helped by strong foreign investment inflows and improved risk appetite of domestic investors, who sought investment opportunities after a lull of several months. With the boost in equities came the rush to list shares as several companies went public in the second half of the year.
“It was a fantastic year for primary market participants amidst Covid-19,” says Gaurav Garg, the head of research at CapitalVia Global Research. “The later half of the year was very exciting and gave good listing gains. Burger King, Route Mobile, Happiest Mind Technologies, Mazagon Dock were among the star IPOs last year.”
Indian stocks are already off to a good start in 2021, with the benchmark BSE Sensex Index touching a fresh high of 47,869.
“We believe that IPOs will be in the limelight for 2021 as well,” says Samir Bahl, chief executive of Mumbai-based Anand Rathi Advisors.
Demand is being driven by a high level of liquidity in the markets while sentiment remains buoyant, with India expected to emerge from recession in the coming months.
“Signs of India's economic recovery with improving macroeconomic data, developments on the vaccine rollout, its impact on the consumer confidence and strong ... institutional and retail [investors'] sentiment will drive the IPOs in 2021 as well.”
Mr Bahl adds that “niche businesses aided by attractive pricing in their IPOs have also been a pull factor not just for institutional investors but for retail participants as well”.
Foreign inflows have played a critical role in boosting demand for IPOs.
Foreign institutional investor inflows in Indian equities climbed to $9.6bn for the month of November, the highest on record, while foreign holdings reached a five-year high of 21 per cent, according to a report by investment bank Nomura.
Whether India will be able to sustain such high levels of foreign flows into its equities remains to be seen, according to Nomura.
“Strong inflow of foreign liquidity and expectations of a strong revival in growth and corporate earnings have driven up market valuations. Liquidity is likely to be supportive in the very near term ... but is likely to peak by March 2021,” the report said.
However, the investment bank warned investors of over-optimism about India's economic revival, after official figures show that the country's gross domestic product plunged by a record 23.9 per cent in the quarter between April to June from the same period a year ago. This drop – at the height of the pandemic lockdowns – was followed by an improvement to a 7.5 per cent contraction in the three months to the end of September, as restrictions were gradually eased.
“High-frequency indicators showing recovery are materially impacted by pent-up demand and inventory-stocking as the economy opens up after the pandemic-induced lockdown that, we believe, may subside over the next two quarters,” according to Nomura.
But others believe that despite lingering worries about the Indian economy, the momentum in the IPO market can be sustained.
“Having said that liquidity was one of the factors for the vibrant IPO activity in 2020, [and] we feel the same will be continued in 2021,” says Choice Broking's Mr Yadav. “The premise of this is that globally economies will continue to print money, which will be parked in emerging markets like India.”
Ajit Mishra, the vice president, research, at Religare Broking, also remains upbeat and says that “a normal market correction is unlikely to wither investors’ interest in IPOs”.
He expects start-ups in a range of sectors including fast-moving consumer goods, retail and IT to do well in public share sales in 2021.
“They are defensive sectors and all-time investors' favourites so we expect [an] overwhelming response.”
Mr Mishra adds that “with such strong liquidity, we believe companies having strong fundamentals and promising long-term growth prospects would continue to witness strong traction, but companies which do not fill these criteria could face issues.”
Mr Shahi is also bullish on the outlook for Indian stock markets and IPO demand.
“Apart from some timely corrections, which are healthy for the stock market, the only risk which can hinder the overall progress in stock markets is the delay [in rollout] of a Covid-19 vaccine – otherwise markets are well placed to achieve greater levels in the coming years,” he says.
Mr Bahl says not every listing will be a huge success, and “we believe highly-leveraged companies will struggle to tap the capital markets or may see tepid responses".
But for firms with solid fundamentals, 2021 looks like a promising year for going public.
“Markets will have their own ups and downs, their own corrections, but companies with strong fundamentals, a good future outlook, coupled with attractive pricing on their IPOs will see successful closures,” says Mr Bahl.
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
RACE CARD
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
10pm Handicap (TB) Dh102,500 (T) 1,400m
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
FINAL RESULT
Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)
Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2
Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
