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Zomato’s $1.3 billion initial public offering was fully subscribed on the first day of sale.

Zomato’s $1.3 billion initial public offering was fully subscribed on the first day of sale.

Photographer: Dhiraj Singh/Bloomberg
Technology
The Big Take

Billions Pour Into India as SoftBank, Walmart Bets Join IPO Frenzy

The country is on track for a record year of IPOs with the success of startups like Zomato.

The market for initial public offerings in India is turning into a feeding frenzy.

The amount of money raised in IPOs this year has reached $8.8 billion, already surpassing the totals of the past three years though it’s only August. 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.