ETtechBefore 2021 no Indian startup had gone public. Now at least eight have done so, and every one of their listings had something for the record books. Here’s a sampling:
- A self-made woman found herself among India’s richest people after her firm was listed.
- A Chennai-based firm became the first Indian software maker to list on the Nasdaq.
- A foodtech firm achieved a market cap of Rs 1 lakh crore within hours of trading.
- A fintech firm clocked the worst debut for a tech company since the dotcom bubble.
- India’s answer to Google Maps dropped a pin on Dalal Street and had investors queueing up.
In all, these companies raised as much as $2.5 billion from public markets. Here’s a look back at the eight historic IPOs.
1. Nazara Technologies
IPO dates: March 17-19, 2021
Listing date: March 30, 2021
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The initial public offering of India’s first publicly traded gaming company
was subscribed 175.5 times, making the most of the pandemic-induced surge in mobile gaming.
The Nazara Technologies IPO received bids for 512,517,642 shares against an issue size of 2,920,997 shares. The IPO was an offer for sale of 5.29 million shares—equivalent to 16.7% stake—in a price band of Rs 1,100-1,101 apiece. The IPO was expected to value Nazara at Rs 3,353 crore, or over eight times its annualised revenue for the first six months of 2020-21.
Listing day performance: The stock listed at Rs 1,990 on the National Stock Exchange, a 80.74% premium over the issue price of Rs 1,101. The 10.82% stake ace investor Rakesh Jhunjhunwala held in the company was worth Rs 656 crore at listing.
The company’s market cap currently stands at Rs 7,360 crore.
2. Zomato
IPO dates: July 14-16, 2021
Listed on: July 23, 2021
The initial public offering of India’s first listed consumer-internet startup
was subscribed nearly 40 times, setting the stage for the company’s peers to tap the public markets.
During the three-day period, the Zomato IPO received bids for 27,51,27,77,370 shares against an issue size of 71,92,33,522 shares. The issue comprised fresh stock worth Rs 9,000 crore and an offer for sale of up to Rs 375 crore by Info Edge (India). The price band was set at Rs 72-76 apiece, which ascribed the company a valuation of $9 billion.
Listing day performance:
Zomato listed at Rs 115 on the BSE, a premium of 51.3% over the IPO price of Rs 76 and went as high as 81% over the issue price to log a day’s high of Rs 138. It ended at Rs 125.85, up 65.6% over the issue price. Zomato vaulted into the elite club of the top 50 most valued companies, with its market capitalisation briefly crossing Rs 1 lakh crore during the day.
The company’s market cap currently stands at Rs 99,790 crore.
3. CarTrade
IPO dates: August 9-11, 2021
Listing date: August 20, 2021
The initial public offering of the online used car retailer
was subscribed 20.3 times.
Over the three days, CarTrade’s IPO received bids for 26,31,74,823 shares as against the issue size of 1,29,72,552. The issue was an offer for sale of up to 1,85,32,216 shares at a price band of Rs 1,585-1,618 apiece, at the upper end of which the company was valued at Rs 7,416 crore.
Listing-day performance: CarTrade listed Rs 1,599.80 on the NSE,
a 1.12% discount to its issue price of Rs 1,618. The stock is currently trading at nearly half of the IPO price, giving the company a market capitalisation of Rs 3,790 crore.
4. Freshworks
IPO dates: September 22-24, 2021
Listing date: September 22, 2021
Freshworks Inc, the first Indian software maker to list on the Nasdaq,
raised over $1.03 billion in its initial public offering, recording a market capitalisation of $10.13 billion.
The San Mateo, California-based startup, founded in Chennai, sold 28.5 million shares at $36 apiece, up from the marketed range of $32-34 it had announced. Driven by strong investor interest, Freshworks’ share price surged by as much as 33% to $48 in initial trade on the Nasdaq.
The company’s market cap currently stands at $7.35 billion.
5. Nykaa (FSN E-Commerce Ventures)
IPO dates: October 28 to November 1, 2021
Listing date: November 10, 2021
The initial public offering of India’s biggest cosmetics etailer in October
was subscribed 81.7 times, making its founder India’s wealthiest self-made woman.
Nykaa, formally known as FSN E-Commerce Ventures Ltd., sold stock worth Rs 630 crore and raised Rs 4,721 crore via an offer for sale, according to its red herring prospectus. The price band for the Nykaa IPO was set at Rs 1,085-1,125 per share, at the upper end of which the company was valued at Rs 53,204 crore, or about $7.1 billion.
Blockbuster listing: Nykaa’s shares rose as much as 89% over the issue price on debut on November 10, giving the company a market capitalisation of nearly $13 billion and founder
Falguni Nayar a net worth of $6.5 billion.
The company’s market cap currently stands at Rs 95,780 crore.
6. Policybazaar (PB Fintech Ltd)
IPO dates: November 1-3, 2021
Listing date: November 15, 2021
The IPO of India’s largest online insurance aggregator
was subscribed 16.59 times.
During the three-day share sale, the Policybazaar IPO received bids for 57.24 crore equity shares against an offer size of 3.45 crore. The issue comprised fresh stock worth Rs 3,750 crore and an offer for sale of up to Rs 1,960 crore. The price band was set at Rs 940-980 a share, which ascribed the company a valuation of Rs 44,051 crore.
Listing-day performance: PB Fintech
listed at 17.35% premium on the BSE and hit an intraday high of Rs 1,249.00, before paring some of the gains to end the day at Rs 1,202.90—22.74% higher than its issue price of Rs 980. That ascribed the insurtech firm a market capitalisation of Rs 54,070.33 crore.
The company’s market cap currently stands at Rs 44,000 crore.
7. Paytm (One 97 Communications Ltd)
IPO dates: November 8-10, 2021
Listing date: November 18, 2021
The IPO of India’s highest valued fintech startup
was subscribed 1.89 times in what was a lacklustre response to the biggest initial share sale in India’s corporate history.
During the three-day period, the Paytm IPO received bids for 91,409,844 equity shares against the total issue size of 4,83,89,422. The issue comprised fresh stock worth Rs 8,300 crore and an offer for sale worth Rs 10,000 crore at a price band of Rs 2,080-2,150 apiece, at the upper end of which the company was valued at Rs 1.50 lakh crore.
Listing-day performance: Paytm’s shares
listed at a discount of 9% from its issue price of Rs 2,150 apiece before ending the day 27.4% lower at Rs 1,564. The stock has recovered since then but continued to trade below the issue price.
The company’s market cap currently stands at Rs 87,000 crore.
8. MapmyIndia (CE Infosystems Ltd)
IPO dates: December 9-13, 2021
Listing date: December 21, 2021
The initial public offering of the mapmaker to Apple, among others,
was subscribed 154.71 times.
During the three-day period, the MapmyIndia IPO received bids for 1,089,895,450 shares as against the issue size of 70,44,762. The issue was purely an offer for sale of shares worth Rs 1,039.61 crore at a price band of Rs 1,000-1,033 apiece.
Listing-day performance: MaymyIndia’s shares
listed at Rs 1,581, a 54% premium over its IPO price of Rs 1,033 per share. The stock gave up some of the gains to end the day at Rs 1,394.55, up 35% over its issue price. Its market cap currently stands at Rs 7,500 crore.
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