SYDNEY, March 28 Reuters India39;s bulging pipeline of large block trades and listings such as the 3 billion IPO of Hyundai Motor39;s unit will draw more funds to a market whose share of global equity capital market deals has already hit a record this year, bankers said.

A paucity of deals elsewhere in Asia will add to the impetus for capital flows into India, they added.

Higher global interest rates, geopolitical tensions as well as China39;s economic slowdown and its move to restrict initial public offerings IPOs to support its secondary markets have led to a slump in equity dealmaking across Asia.

India, on the other hand, has emerged as the second busiest market in the world for equity capital market ECM deals after the United States.

Indian companies raised 2.3 billion in the first quarter of 2024 in IPOs, according to LSEG data, up more than 12 times the 166.5 million raised in the same period last year, the data showed.

Total ECM deals rose 139, making it the most active market across Asia Pacific, including Japan, where activity was down 46.8, and accounted for 10.05 of the global total in the first three months, a record high.

The pipeline and activity level has never been as big or as busy. We are seeing many more billion dollarplus transactions, it39;s unbelievable, said Rahul Saraf, Citigroup39;s India head of investment banking.

India is really coming of age in the size, scale and quality of issuers.

The National Stock Exchange, the country39;s…