NewsGlobalIndian Companies Increasingly Choose Domestic Listing Over Overseas Markets, Says Singapore Asset Manager BodyIndian Companies Increasingly Choose Domestic Listing Over Overseas Markets, Says Singapore Asset Manager Body
Indian companies with overseas operations are increasingly choosing domestic domicile and listing over foreign markets, driven by deeper local appreciation and strong retail investor base. Local investors now drive trading volumes rather than foreign flows, reinforcing market resilience. However, Indian equities remain relatively expensive compared to regional peers like China and South Korea. The IMAS survey shows balanced investor sentiment with 13% viewing India as potential outperformer and 12% as underperformer.
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An increasing number of Indian companies with strong overseas operations are choosing to domicile and list in India, attracted by deeper local market appreciation, strong consumption narratives, and a growing retail investor base, according to a member of Singapore-based asset managers' body IMAS.
Domestic Market Preference Grows
Dhanajay Phadnis, a member of the Investment Management Association of Singapore (IMAS), highlighted this trend during a briefing on Tuesday. He noted that India witnessed a significant supply of equities in 2025, with a large number of IPOs and private equity-backed companies reducing stakes.
"Trading volumes are now largely driven by local investors rather than foreign flows, reinforcing the depth and resilience of India's capital markets. This trend is expected to continue and underpins longer-term confidence in India's growth story," Phadnis said.
Valuation Challenges and Market Positioning
Despite the positive trends, the Singapore-based fund manager pointed out valuation concerns. Indian equities were relatively expensive compared to regional peers over the past year, while markets such as China and South Korea were trading at more attractive valuations.
However, investor sentiment remains flexible according to the survey results:
| Survey Response | Percentage | Market View |
|---|---|---|
| Potential Outperformer | 13% | Positive on India |
| Potential Underperformer | 12% | Cautious on India |
"Should valuations adjust or earnings momentum improve, investors are likely to reassess their positioning. This explains why India appears in the survey outcomes, reflecting a genuinely balanced view," Phadnis explained.
Regional Market Rankings
The IMAS survey identified the most promising markets for investment:
- Japan and China (top performers)
- India
- Singapore
- Taiwan
Global Economic Outlook and Risks
Singapore-based fund managers anticipate heightened geopolitical risks and market volatility in 2026, according to the Outlook Survey. Key findings include:
| Economic Indicator | Percentage | Expectation |
|---|---|---|
| US Fed Rate Cuts >0.5% | 69% | Monetary easing trend |
| Central Bank Independence Concerns | 60% | Political encroachment fears |
The survey represents insights from C-suite professionals across 63 IMAS member firms, collectively overseeing more than USD 35.00 trillion in global assets. These participants include Singapore-based fund managers and asset owners navigating shifting macroeconomic conditions and geopolitical frictions.
"The survey results demonstrate that fund managers are successfully adapting to sustained uncertainty, identifying high-conviction opportunities in Asia even as geopolitical risks escalate," said Jenny Sofian, Chairman of IMAS.
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