Asia IPOs gone cold: India edition
A compilation of India-based IPOs - some of them private equity-backed - that have been withdrawn or appear to have fallen behind schedule
Asia IPOs Gone Cold, which is compiled by Mergermarket, AVCJ's sister title, focuses on companies that planned to list but have gone into silent running. The table is divided into two sections: Off Radar and Called Off.
Off Radar includes companies that were in the early stages of planning a listing and have not updated their plans in the past six months; Called Off is for those that have publicly withdrawn their IPO plans due to volatility or other market conditions.
All data has been gathered by triangulating ION Analytics proprietary and aggregated intelligence, pipelines and company information. This provides a list of actionable situations where the companies may either look to resume or adapt their listing plans or explore alternative dealmaking avenues.
India’s IPO market started 2022 with a bang but then lost momentum as global geopolitical, macro and policy concerns intensified. A total of 150 maiden share sales were priced, generating USD 8bn in proceeds. This compares to USD 17.9bn from 124 IPOs in 2021 - a record year by aggregate value.
The class of 2022 includes state-owned Life Insurance Corporation of India, which raised USD 2.7bn in the country’s largest ever - albeit downsized - IPO last May. As of January 25, the stock was down 27% on its offering price.
Volatility left a scar in 2022, resulting in 14 IPOs being withdrawn or postponed. This compares to six in 2021 and eight in 2020.
With many regional investors still nursing wounds from last year’s losses, IPO markets across Asia have been muted since the beginning of 2023. As of January 25, India had seen five listings generate proceeds of USD 13.36m, versus USD 99.5m from seven deals and USD 794.8m from two for the corresponding periods in 2022 and 2021.
Given the number of IPOs pushed back from last year, investor appetite for new issuance is expected to improve gradually once secondary valuations return to fair levels following rallies in recent months.
CALLED OFF
| Company | Industry | Status/reason | PE-backed |
| PharmEasy | Healthcare | Withdrawn | Yes |
| Biba Apparels | Consumer | Withdrawn | Yes |
| Droom Technology | Technology | Withdrawn | Yes |
| Gemini Edibles & Fats India | Consumer | Market conditions | Yes |
| GoAirlines | Transportation | Market conditions | |
| boAT | Consumer | Withdrawn | Yes |
| One Mobikwik Systems | Technology | Other | Yes |
| Paymate India | Technology | Postponed | Yes |
| PKH Ventures | Construction | Application lapsed | |
| Sahajanand Medical Technologies | Healthcare | Postponed | Yes |
| SBI Funds Management | Financial services | Market conditions | |
| Snapdeal | Technology | Withdrawn | |
| Wellness Forever | Healthcare | Market conditions | |
| HDB Financial Services | Financial services |
Other |
OFF RADAR
| Company | Industry | Status | PE-backed |
| Aadhar Housing Finance | Financial services | Prospectus filed | Yes |
| Akums Drugs & Pharmaceuticals | Healthcare | Request for proposals | Yes |
| Ola | Services | Deal arrangers appointed | Yes |
| Bharat FIH | Technology | Prospectus filed | |
| BlueStone Jewellery & Lifestyle | Consumer | Consider listing | Yes |
| DTDC Courier & Cargo | Transportation | Consider listing | |
| Emcure Pharmaceuticals | Healthcare | Regulatory approval obtained | Yes |
| Fabindia Overseas | Consumer | Prospectus filed | Yes |
| FirstCry | Technology | Prospectus filed | Yes |
| JM Baxi Group | Transportation | Deal arrangers appointed | |
| Macleods Pharmaceuticals | Healthcare | Prospectus filed | |
| Medi Assist Insurance TPA | Services | Prospectus filed | Yes |
| Pine Labs | Technology | Prospectus filed | Yes |
| Practo Technologies | Technology | Consider listing | Yes |
| Puranik Builders | Construction | Regulatory approval obtained | |
| Shri Bajrang Power & Ospat | Utilities | Regulatory approval obtained | |
| SBI Mutual Fund | Financial services | Consider listing | |
| Swiggy | Technology | Prospectus filed | Yes |
| Urban Company | Technology | Consider listing | Yes |
| TBO Tek | Technology | Prospectus filed | Yes |
| Simplilearn Solutions | Technology | Consider listing | Yes |
| Smartron India | Technology | Consider listing | Yes |
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