India's IPO mania gets reality check, start-ups defer public debut

Investors sour on new tech offerings after calamitous listing of Paytm and the battering received by Zomato, Nykaa.

A boom in technology initial public offerings in India risks grinding to a halt after several of the country’s highest-profile startups tanked soon after listing.

A raft of prominent tech startups, including Oyo Hotels and logistics provider Delhivery, are pushing back their public debuts and preparing to reappraise target valuations, according to people familiar with the situation. The duo, both backed by SoftBank Group Corp., had been among the country’s highly anticipated offerings.

India’s burgeoning startup ecosystem faces a reckoning just weeks after it closed out a record year for IPOs. Investors have soured on new tech offerings after the