Investors have dumped high-profile tech shares, even as the broader Indian stock market has outperformed global peers and scaled new peaks. Indian IPOs raised a record $18 billion in 2021 on government efforts to foster startups combined with easy-money policy and a surge in retail trading during the Pandemic.
Five of India’s most-hyped technology IPOs in the last 16 months have failed, resulting in a loss of more than $18 billion in value.
Concerns about valuations and increasing global interest rates have taken the greatest toll on Paytm’s parent company. Other victims include the owner of the beauty e-commerce site Nykaa, the shipping business Delhivery, and the operator of the online insurance marketplace Policybazaar.
In 2021, Indian IPOs raised a record $18 billion, thanks to government initiatives to stimulate entrepreneurs, easy-money policies, and a boom in retail trading during the pandemic. However, investors have now sold high-profile IT stocks, despite the fact that the larger Indian stock market has outperformed global rivals and reached new highs.
One 97 Communications Ltd., the parent company of Paytm, fell as much as 10% on Thursday after early investor SoftBank Group Corp. reduced its position following the expiration of its IPO lock-up period. In August, Uber Technologies Inc., an early investor in Zomato Ltd., also quit the online food-delivery startup.
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