INSUBCONTINENT EXCLUSIVE:
Many companies have postponed plans of bringing their public offersA boom in technology initial public offerings in India risks grinding to
a halt after several of the country's highest-profile startups tanked soon after listing.A raft of prominent tech startups, including Oyo
Hotels and logistics provider Delhivery, are pushing back their public debuts and preparing to reappraise target valuations, according to
people familiar with the situation
The duo, both backed by SoftBank Group Corp., had been among the country's highly anticipated offerings.India's burgeoning startup ecosystem
faces a reckoning just weeks after it closed out a record year for IPOs
Investors have soured on new tech offerings after the calamitous public debut of fintech firm Paytm, as well as the battering received by
newly listed e-commerce operators Zomato Ltd
geopolitical tensions and increased volatility
In India, the flops have smarted because 2021 was to have been the vast and vibrant startup sector's coming-out celebration
the fiscal year starting in April, said some of the people, asking not to be named because the details are private
Delhivery is also reviewing its listing plan after the stock market regulator frowned on a planned sale of a substantial amount of shares by
investors in the IPO, the people said
The logistics startup, backed by Carlyle Group Inc
as well as SoftBank, had previously planned to list by March.Oyo, which came under scrutiny for its ownership structure and heavy losses
after filing preliminary IPO documents last year, is now facing regulatory questions too
India's watchdog has made queries about Oyo's ongoing litigation with hostel operator Zostel Hospitality Pvt, which is claiming a stake in
Its investors include Sequoia Capital and Lightspeed Venture Partners, as well as SoftBank.The management and bankers of Oyo, formally
called Oravel Stays Ltd., are not in a rush, however, said one of the people
They are taking their time to respond to the regulator's queries to slow down the listing process on purpose, the person said.Also up in the
air are the IPO timings of Pharmeasy, which goes by API Holdings Ltd., and automobile marketplace Droom Technology Ltd., which filed initial
IPO documents in November
Pharmeasy's investors include Prosus Ventures and TPG, while Droom is backed by Beenext and Lightbox Ventures.Spokespeople for Pharmeasy and
PayTM, at the Bombay Stock Exchange in Mumbai, India, on Thursday, Nov
One 97 Communications Ltd., which operates India's pioneering digital-payments brand Paytm, fell in its trading debut in Mumbai as investors
questioned the company's valuations and path to profitability.India's first-ever tech IPO rush marked a monumental year of exits for global
Paytm's parent company, One 97 Communications Ltd., raised a record $2.5 billion when it went public in November
But its shares have plummeted 60% from their IPO price, infuriating investors and fueling concerns among regulators
Sunnyvale, California-based software-as-a-service provider Druva, Singapore-based mobile solutions startup InMobi and fintech Pine Labs were
respond to requests for comment.Hanging over the Indian listings is a big unknown: the fate of the massive public share sale of state-owned
of India, which filed its draft prospectus over the weekend
TheIndianSubcontinent staff and is published from a syndicated feed.)
