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The year 2021 may see a wave of major IPOs of startups in India. Several Indian startups such as Policybazaar, Flipkart, Zomato, Delhivery, Freshworks, Nykaa and many others are aiming to go public in 2021.
The IPO market in India has become aware of the potential of start-ups that are capturing large market shares in various segments and disrupting the traditional way of doing business. The Securities and Exchange Board of India (SEBI) has launched an Innovator Growth Platform (IGP) and recently announced a consultation paper seeking comments on new rules to encourage start-ups to go public. The 2020 debut of Happiest Minds, Burger King and Ms. Bektor on the Indian Stock Exchange has given confidence to new startups preparing to go public.
An IPO is considered a sign of maturity and is almost a medal of honor from a startup’s perspective. With a few exceptions, such as IndiaMart and Makemytrip, Indian startups have not gone public. With weak business models making losses every year, Indian startups have failed to go public. However, the situation is changing, albeit slowly. Many startups have announced their intention to go public this year.
Here are some examples of IPOs of start-ups in India.
The IPO became more lucrative when the SEBI announced new standards, such as a shorter holding period, a smoother transition to the Main Board and special rights.
The IPO of the Indian food technology company “Unicorn” is one of the most controversial of 2021. 660 million was paid to the company prior to the IPO. $660 million was paid to the company prior to the IPO. The company obtained funding of $660 million prior to the IPO. The company’s ability to emerge from 2020 with little or no revenue has given many startups more strength to deal with a difficult public market. In fiscal 2020, the company’s revenue doubled to $394 billion. However, during the pandemic, losses increased by about 5%.
Indian e-commerce giant Flipkart is heading for an IPO in the United States. The company’s last valuation was $24.9 billion, and it is reported that the IPO could be worth $10 billion. The COVID-19 pandemic has accelerated online shopping and digitization, and the Walmar company Flipkart has benefited.
Delhivery, a logistics startup backed by Soft Bank Group Corp, plans to raise up to $800 million through an IPO in 2021. The company’s IPO is expected to be valued at $32.4 billion, nearly double Soft Bank’s 2019 investment. According to the latest reports, the company processes more than 1.5 billion orders per day and ended 2020 with a turnover of Rs.2,800 crore.
In November 2020, Freshworks tripled its value to $3.5 billion in what was considered the final private financing round before the company went public on the U.S. NASDAQ in 2021.
Unicorn insurance company Polysybazar is also aiming for an IPO in 2021. The company plans to go public at a value of $3.5 billion. With Vision Fund, Tencent Holdings Ltd. and Tiger Global Management and SoftBank Group Corp. as lead sponsors, Polysybazar could become the first company in the country to go public in the digital age. The company plans to list on the Mumbai Stock Exchange, but may opt for a dual listing as the rules have changed.
This giant of the beauty products e-commerce industry is also heading for its first IPO in 2021. The startup led by Falguni Nayyar joined the club of unicorns in 2020 and managed to attract investments from Fidelity Management & Research Company, a Boston-based asset management firm, Steadview Capital and Bollywood celebrities Katrina Kaif and Alia Bhatt. In fiscal 2019, the company’s revenues doubled to Rs.1,150 crore.
Above are some of the candidates for the next IPO in India. However, there are several other startups like Pepperfry, Lenskart, Paytm, Mobikwik, Oyo that could also lead the IPO, but no timeline has been given by these companies yet.
According to experts, financing will continue in 2021 due to a surplus of available capital. The pace of immunization that has already started in the country last month, the fate of the planned IPOs of major start-ups, the strength of consumption and the performance of the companies will determine the future funding. However, if these start-ups are successful in their IPOs, this will lead to significant changes that will result in more capital for Indian start-ups.
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