The amount of money raised in IPOs this year in India has reached $8.8 billion, already surpassing the totals of the past three years. 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.
The performance of recent IPOs, such as Zomato, has fed the enthusiasm. Newly listed Indian stocks are beating the benchmark Nifty 50 Index by more than 40 percentage points this year, the biggest gap in seven years.
Oyo Hotels & Homes Pvt started work last week on its draft prospectus and aims to file in October, according to people familiar with the matter. The ride-hailing leader Ola and fintech startup Pine Labs Pvt have also begun talks with investment bankers, according to other people aware of the situation.
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