MNCs Treat India IPOs as Exit Ramps: $5B Repatriated Since 2024 via OFS Route
Foreign parents including PhonePe, Coca-Cola bottling, Carlsberg and MTG's gaming arm are queuing up India IPOs structured as offer-for-sale exits rather than primary capital raises. Data shows $59 leaves the country per $1 raised, with sponsors cashing in on Nestle India's 77x and LG India's 59x P/E multiples.
What happened
Foreign parents are using India IPOs as offer-for-sale exits rather than expansion funding, pocketing $5B since 2024. PhonePe, Coca-Cola bottling, Carlsberg and
Key facts
- $5 billion repatriated
- 6 foreign-owned IPOs since 2024
- $1 billion PhonePe IPO
- $335 million MTG gaming IPO
- $59 out per $1 raised
- rupee down 13% since 2024
- Nestle India 77x P/E
- LG India 59x P/E
- $21.8 billion India IPOs 2025
Why this matters
The OFS exit ramp is now a validated playbook for foreign parents monetizing Indian subsidiaries—model it as a strategic option alongside trade sale and spin-off in any India portfolio review.