Edition 15 – Big bang mergers

In the last couple of weeks, we have seen a spate of large M&A activity in the domestic market. While the intensity of the activity does surprise us, what is even more surprising is the deal sizes and the uniformity with which they are happening across the sectors. These transactions, once approved, have the ability to alter the industry ecosystem. If year 2021 was the best for IPO’s in India (in terms of proceeds ~ $16.94 billion), then year 2022 will probably be known as the year of consolidation.