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Veteran investor Ramesh Damani fears that India's vibrant primary market is now heating up as many South Korean multinationals are now eyeing high valuations for the IPOs of their local businesses.
Damani said South Korean multinationals believe they can get high valuations for their Indian business, and can raise significant amounts of capital from it. Ramesh Damani also said that after the strong rally in the market, he finds the valuation of midcap and smallcap stocks 'extended' so he has started lightening his position in this sector and turned to largecap stocks. These comments come after market regulator Sebi approved Hyundai Motor India's proposed $3 billion IPO, which may open in October, and reports of LG Electronics India and Samsung India planning to enter the primary market soon.
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