, Columnist
India’s IPO Market Is Busy. It’s Also Broken
If history is any guide, most of the current crop of new public-market listings will flop in the long run.
One-day wonders.
Photographer: Atul Loke/BloombergThis article is for subscribers only.
India is one of the world’s busiest markets for initial public offerings. It has had more companies debuting over the past year than China and Japan, combined. But if history is any guide, in the long run, most of them will turn out to be duds.
Yet, such is the attraction of the “pop” — large listing-day returns — that this fever won’t abate.