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.
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 MTG gaming arm IPOs to follow OFS route, exploiting India's premium valuation multiples.