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NEW DELHI: At the very least a dozen Indian firms engaged on preliminary public choices at the moment are below further investor scrutiny following the disastrous debut of digital funds startup Paytm, the nation’s greatest ever IPO.
Choices on the radar embrace that of Oravel Stays Ltd, the operator of hotel-booking startup Oyo, which is seeking to increase practically $1 billion. Different sizable listings embrace API Holdings Ltd., the guardian of on-line pharmacy PharmEasy, and logistics firm Delhivery Ltd.
Deliberate smaller IPOs might have a tougher time pricing shares if there’s a diminished urge for food for brand new listings. The shares of Paytm rival One MobiKwik Techniques Ltd. have fallen about 40% within the so-called gray market.
Choices on the radar embrace that of Oravel Stays Ltd, the operator of hotel-booking startup Oyo, which is seeking to increase practically $1 billion. Different sizable listings embrace API Holdings Ltd., the guardian of on-line pharmacy PharmEasy, and logistics firm Delhivery Ltd.
Deliberate smaller IPOs might have a tougher time pricing shares if there’s a diminished urge for food for brand new listings. The shares of Paytm rival One MobiKwik Techniques Ltd. have fallen about 40% within the so-called gray market.
Paytm shares have fallen about 30% because it began buying and selling final week, with a rebound on Tuesday not sufficient to erase losses from the 2 earlier classes. Some firms that had been searching for to profit from the flood of transactions in India’s booming IPO market to this point this 12 months could now rethink the timing and pricing of their points, in keeping with Edelweiss Monetary Companies Ltd.
Valuation is more likely to turn into the principle sticking level for these searching for to faucet the market. Paytm’s valuation — round 26 occasions price-to-estimated gross sales for the monetary 12 months 2023 — towers above the benchmark S&P BSE Sensex Index on about 4 occasions.
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