SBI Leads $9.2 Billion Wave of Indian Fast-Tracked Share Sales

State Bank of India’s recent record offering is leading a summer onslaught of a fast-tracked type of share sale as local companies take advantage of this year’s stock-market rally to raise funds.

About 40 Indian firms, led by banks, announced plans in July to raise more than 800 billion rupees ($9.2 billion) via qualified institutional placements, according to data compiled by primedatabase.com. That may put Indian QIPs, which are only offered to professional investors, on track for one of their biggest years on record.

QIPs have become a popular way for local companies to raise funds fast — these ...