Skies darken for Indian IPOs after Paytm's diappointing debut
Information about Skies darken for Indian IPOs after Paytm's diappointing debut
By Abhirup Roy, Scott Murdoch and Anshuman Daga
MUMBAI (Reuters) – Paytm’s dismal stock market debut this week is likely to put a damper on future offerings after the IPO of the digital payments firm ranked among the worst-performing in Indian history, six analysts and bankers said on Friday.
Indian companies have raised a staggering $9.7 billion through initial share sales in the first nine months of 2021, for the highest such tally in any of the corresponding periods of the last two decades, said accountants EY.
But offerings planned for later this year, such as those by payments rival MobiKwik and hotel aggregator OYO, will face questions after Paytm’s debut plunge of more than 27%, as investors turned queasy at its lack of profits and lofty value.