Indian equity markets had a dream ride in 2021, with 63 companies going public and raising ₹1.19 lakh crore. Among them, One 97 Communications, the parent company of the fintech major Paytm, made the biggest buzz, raising ₹18,300 crore in November 2021 and overtaking state-run miner Coal India’s ₹15,199 crore IPO in 2010 as India’s biggest.
Eight other tech startups also went public last year—beauty products e-tailer Nykaa (FSN Ecommerce), food aggregator Zomato, gaming company Nazara Technologies, travel technology company RateGain, travel platform EaseMyTrip, insurance aggregator PolicyBazaar (PB Fintech), online automotive portal CarTrade Tech and MapMyIndia (CE Infosystems). Amid an equity market euphoria fuelled by easy money policies of global central banks in the wake of the pandemic, investors lapped up the shares of these newage companies. The issue of Nazara Tech, for instance, was subscribed as much as 175 times, EaseMyTrip 159 times and Nykaa 82 times.
Some of them went on to touch new highs post listing. Nazara Tech share was worth ₹3,354.40 on October 11, 2021, a three-fold gain over its issue price. Nykaa and Zomato more than doubled.
The fortunes, however, seem to have reversed in 2022. Paytm, which had set an issue price of ₹2,150, closed at ₹661.85 on April 18—a 69 per cent slump in five months. CarTrade Tech was down 61 per cent since listing, PB Fintech was down 21 per cent and RateGain had fallen 10 per cent from its issue price.
هذه القصة مأخوذة من طبعة May 01, 2022 من THE WEEK.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 01, 2022 من THE WEEK.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Trump And The Crisis Of Liberalism
Although Donald Trump's election to a non-consecutive second term to the US presidency is not unprecedented—Grover Cleveland had done it in 1893—it is nevertheless a watershed moment.
What Will It Take To Clean Up Delhi Air?
IT IS ASKED, year after year, why Delhi’s air remains unbreathable despite several interventions to reduce pollution.
Men eye the woman's purse
A couple of months ago, I chanced upon a young 20-something man at my gym walking out with a women’s sling bag.
When trees hold hands
A filmmaker explores the human-nature connect through the living root bridges
Ms Gee & Gen Z
The vibrant Anuja Chauhan and her daughter Nayantara on the generational gap in romance writing
Vikram Seth-a suitable man
Our golden boy of literature was the star attraction at the recent Shillong Literary Festival in mysterious Meghalaya.
Superman bites the dust
When my granddaughter Kim was about three, I often took her to play in a nearby park.
OLD MAN AND THE SEA
Meet G. Govinda Menon, the 102-year-old engineer who had a key role in surveying the Vizhinjam coast in the 1940s, assessing its potential for an international port
Managing volatility: smarter equity choices in uncertain markets
THE INDIAN STOCK MARKET has delivered a strong 11 per cent CAGR over the past decade, with positive returns for eight straight years.
Investing in actively managed low-volatility portfolios keeps risks at bay
AFTER A ROARING bull market over the past year, equity markets in the recent months have gone into a correction mode as FIIs go on a selling spree. Volatility has risen and investment returns are hurt.
