Demand for Indian equities still robust

ICICI Securities head of investment banking, J Niranjan, talks about why neither high Indian equity capital markets valuations nor competition is keeping him awake at nights.
Indias Sensex peaked at 11,931 on April 7 before moving south, losing almost 6% in the week beginning April 10 and closing at 11,539 on Monday, April 16. There is a feeling in the region that issuers are pricing paper too aggressively, especially as a correction seems due. J Niranjan, head of investment banking at ICICI Securities, explains why he disagrees.

Recent new issues have been difficult to sell, leading to concerns that competition for mandates could be pushing investment banks to commit to pricing which may not be achievable. What is your view

We continue to see a robust demand from investors for initial public offerings IPOs and depositary receipts DRs....
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