Indian insurers launch $6 billion IPO wave

A sextet of large insurance IPOs kick off with the launch of an $890 million deal for ICICI Lombard. Are investors happy to be showered with up to $6 billion of highly valued paper?

India’s stock markets have been one of the world’s best performers in 2017 and their continuing strength could prove to be the swing factor, which helps clear a $6 billion wave of sizeable and richly valued initial public offerings from the country’s insurance sector by year-end.

The group of six companies are led by ICICI Lombard, which launches its IPO today Friday.

Its $890 million deal is one of the smallest of the near-term pipeline, which breaks a seven-year drought in billion dollar offerings by dropping four onto the market all in one go. 

On a macro level, the flotations are eagerly...

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