Private Equity Firms Win Big From India's IPO Boom

Amid a record year for India’s initial public offerings, it’s the private equity funds that may be celebrating the most. Private equity and venture capital investors sold $4.7 billion of shares in the September quarter, higher than in any three-month period since 2009, through IPOs and second sales, according to audit firm EY. Fairfax Financial Holdings Ltd. last month sold a 12 percent stake in ICICI Lombard General Insurance for $558 million, the biggest IPO exit ever by a PE fund in India, according to EY.

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