Zomato’s $1.3 billion initial public offering was fully subscribed on the first day of sale.
Photographer: Dhiraj Singh/BloombergThe Big Take
Billions Pour Into India as SoftBank, Walmart Bets Join IPO Frenzy
- SoftBank-backed hotel chain Oyo plans to file IPO paperwork
- PhonePe may return to incorporate in India to tap hot market
The market for initial public offerings in India is turning into a feeding frenzy.
The amount of money raised in IPOs this year has reached $8.8 billion, already surpassing the totals of the past three years though it’s only August. At the current pace, 2021 would exceed the all-time record of $11.8 billion. Founders, bankers, lawyers and advisers are racing to cash in on fervent demand for fresh public offerings.