India TMT IPO pipeline looks promising after stellar 2021, says GlobalData

The technology, media, and telecom (TMT) IPO market in India is going from strength to strength. In 2021, listings were centered around Internet-driven themes like e-commerce and fintech. These themes will continue to gain prominence as digital adoption in the country further gathers momentum and eventually result in more successful listings in 2022, says GlobalData, a leading data and analytics company.

According to GlobalData, India has the third largest startup ecosystem in the world, and its TMT IPO market is getting stronger. Between 2018 and 2020, there were 15 TMT IPOs in India. Last year alone 15 Indian TMT companies went public and raised a total proceeds of $4.8bn.

Swati Verma, Associate Project Manager of Thematic Research at GlobalData, comments: “Consumer-facing tech companies are the biggest beneficiaries of the increasing digital adoption in India. As a result, e-commerce and fintech were the top themes driving TMT IPOs in 2021.”

Verma adds: “Paytm’s listing in November 2021 was the biggest TMT IPO ever in India, when it raised proceeds of $2.5bn. Aptus Value Housing (Loan solutions), Mobikwik (digital payments), Naapbooks (fintech solution), and Policybazaar (insuretech) were the other notable fintech players that went public in 2021.”

“Zomato’s IPO, raising $1.3bn, was the second biggest listing during the year. CarTrade (online car selling platform), Easy Trip (online ticket booking) and Nykaa (online beauty & wellness) were the other e-commerce companies which went public last year.”

GlobalData expects the IPO pipeline in India to remain strong in 2022 and to be driven by digital themes. PharmEasy (healthtech), Delhivery (e-commerce), Oyo Rooms (online hotel booking), and Tracxn (big data) have all filed for IPOs. Other big IPOs expected on the Indian exchanges include Ola Cabs (ride sharing) and Swiggy (online food delivery).

Verma concludes: “GlobalData sees an increasing number of Indian TMT companies listing in the US to achieve greater liquidity and attract a broader investor base. This reflects the attractiveness of Indian tech companies. Walmart-owned e-commerce player Flipkart, for example, is preparing for a listing in the US. Edtech major Byju’s also plans to list in the US by merging with a special purpose acquisition company (SPAC).”

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