India's IPO boom turns into $5bn cash-out for foreign retail parents; PhonePe, Coca-Cola, Carlsberg queue up
Foreign owners are using OFS-heavy Indian IPOs to repatriate nearly $5bn, with Walmart's PhonePe ($1bn), Coca-Cola's bottler, Carlsberg India and MTG India lining up. With 367 IPOs raising $21.8bn in 2025 and $26bn pending, the rupee is down 13% since 2024 as outflows mount.
Foreign parents are using Indian IPOs as cash-out vehicles via OFS structures, pocketing nearly $5bn. Walmart's PhonePe ($1bn), Coca-Cola's bottling arm, Carlsberg and MTG India are next, raising concerns about capital outflows and rupee pressure.