Why investors should take India’s internet IPO frenzy with a pinch of salt

The Indian tech startup industry has whipped up an IPO frenzy—yet again. But if there’s one lesson the past has taught us, it is to not get too excited too soon.

On April 29, food-delivery giant Zomato set the ball rolling when it filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). As per media reports, a host of other startups are waiting in the wings to make their stock market debuts this year. These include beauty e-tailer Nykaa, online insurance aggregator PolicyBazaar, fintech firm Paytm, e-commerce logistics firm Delhivery, eyewear retailer Lenskart, and e-grocery platform Grofers.

While Zomato’s IPO looks plausible within 2021, experts believe that the rest may still just be Chinese whispers at best.

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