5 famed tech IPOs in India flounder, shedding more than $18 bn in value

Five of the most-hyped technology initial public offerings in India over the past 16 months have floundered since listing, shedding more than $18 billion in value.

Concerns over valuations and rising global rates have taken the biggest toll on the parent of payments firm Paytm. The other victims include delivery startup Zomato, the owner of beauty e-retailer Nykaa, logistics firm Delhivery and the operator of online insurance marketplace Policybazaar.

Indian IPOs raised a record $18 billion in 2021 on government efforts to foster startups combined with easy-money policy and a surge in retail trading during the pandemic.