?? Riding the Indian Startup IPO Wave: Decoding India's Tech Startup Boom

Buckle up, readers, because India's startup scene is shifting gears and hitting the fast lane straight to the stock market.?

What started as a scrappy bunch of innovators with big dreams and bigger hustles has transformed into a parade of unicorns, all set to dazzle Dalal Street.

?It's like the ultimate rags-to-riches story but with fewer ballads and more balance sheets. As these startups trade their garage desks for trading floors, the IPO wave is turning founders into rockstars and investors into believers.?

India’s startup scene, once a playground for tech geeks and dreamers, has evolved into a powerhouse, churning out unicorns faster than you can swipe on your favourite app. From Zomato to Paytm, and Nykaa to Policybazaar.com , these startups have captured the hearts and wallets of millions.?

Now, they're stepping into the spotlight of the stock market, and it's like watching your high school garage band make it to the Grammys.

Welcome to the greatest show in India's business history!

From Founders to Faces

Founders who once toiled in the shadows are now the rockstars of the business world, gracing magazine covers and dominating prime-time news. These visionary leaders have become the new celebrities, inspiring a generation of entrepreneurs.?

Who needs Bollywood when you’ve got startup stories brimming with grit, glam, and glory!

From Startup to Stock Stars

Over the past decade, many Indian startups have grown from fledgling ventures into robust businesses. These companies have established their brands, solidified revenue streams, and proven their business models, making them ripe for public offerings.

Now, without further ado, let’s dive into the IPOs of some startups we've grown to love.

Awfis Space Solutions Limited stock is as in-demand as a chaiwala during a rainy day in Mumbai. With a 13.6% gain on the NSE against its issue price of ?383, the IPO was a smash hit, oversubscribed 109 times—investors from every corner jumped on this bandwagon like it was the last train home. The stock opened at ?435, and by 11 AM, it was cruising at ?445.20, leaving investors grinning like they’d just found a ?500 note in an old wallet.

Delhivery ’s May 2022 IPO delivered ?5,235 crore at ?487 per share, with a tiny 1.6% premium. But by Q1 FY25, the company’s revenue growth of 13% showed it was moving along faster than an auto rickshaw in rush-hour traffic.

EaseMyTrip.com took off in March 2021 at ?187 per share, opening at ?205 and closing at ?214. However, the Q4 FY24 write-off related to GoFirst made it hit a speed bump, showing that even the smoothest journeys can have their potholes.

FirstCry.com (BrainBees Solutions Ltd.) certainly rocked the cradle with its 2024 IPO at ?600 per share, aiming to raise ?7,000 crore. With the IPO booked 12.22 times in three days, it’s clear that investors see the company as the king of the kiddie market, ready to grow faster than a toddler on a sugar rush.

Freshworks went the full NRI route in September 2021, debuting on NASDAQ at $36 per share and raising $1.03 billion with a 21% premium. By Q2 2024, the company’s 20% revenue increase had it dancing like a baraat on the streets of Wall Street.

GoDigit Insurance made a grand entrance in May 2024, with an IPO at ?90 per share that was oversubscribed 96 times—a testament to the strong demand for its tech-savvy insurance solutions, as solid as a LIC policy in the hands of an Indian household.

ideaForge , the top drone producer in India, soared with its June 2023 IPO at ?672 per share, oversubscribed 106 times. By July 2024, the company was rewarding employees with shares worth ?8 crore—a sweet bonus as uplifting as a kite in the skies of Gujarat during Uttarayan.

Info Edge India Ltd kicked off its stock market journey in 2006 with an IPO that was nothing short of a Dussehra bonanza. Offering 2.7 million shares at ?750 each and raising ?2,025 crore, the company didn’t just ring the bell—it tolled the gong, firmly establishing itself as a tech heavyweight in India’s bustling IT bazaar.

ixigo ’s ?740.1-crore IPO was hotter than a samosa fresh out of the fryer, oversubscribed 98 times in just three days! With shares listing at a 48% premium, Ixigo’s stock is now set to steam ahead like the Mumbai local during rush hour—unstoppable and packed with promise.

Mamaearth ’s October 2022 IPO was no less than a blockbuster Diwali release, priced at ?300 per share, opening at ?368, and closing at ?370.60. By August 2024, its parent company, Honasa Consumer, was sprinting toward ?1,000 crore in annual revenue, as fast as a bolting Usain Bolt.

MakeMyTrip packed its bags for NASDAQ in 2010, offering 5.1 million shares at $14 each, and walked away with $71 million. This wasn’t just any foreign tourthe Indian juggernaut’s grand entry into the global travel club, with investor excitement soaring like a Diwali rocket.

MapmyIndia charted a stellar course in December 2021, launching an IPO at ?1,033 per share, raising ?1,040 crore, and debuting at ?1,581. By Q4 FY24, with a 35% net profit surge and 47% revenue rise, the company’s growth was as clear as a Google Maps route on a sunny day.

Nazara Technologies Limited gamified the market in March 2021 with an IPO at ?1,101 per share, debuting at ?1,990. With a 22% revenue boost in Q2 FY24 driven by gaming and esports, Nazara is playing the stock market like a pro gamer winning a PUBG tournament.

Nykaa , the desi beauty queen, made a dazzling entry in November 2021 with an IPO at ?1,125 per share, raising ?5,352 crore. Debuting at a show-stopping 78% premium, the stock took a brief dip but has since reclaimed its glow, much like a bride on her wedding day.

Ola Electric zoomed into the IPO arena in 2024 at ?900 per share, aiming to raise ?6,000 crore. The IPO was oversubscribed four times and debuted- at ?950, - charging up faster than a turbocharged EV on an Indian highway.

Paytm ’s November 2021 IPO was the digital equivalent of a maha aarti at Kumbh Mela, offering 85.1 million shares at ?2,150 each, raising ?18,300 crore. But the stock’s debut was more like a monsoon downpour—it opened 9% lower and closed 27% down, as investors questioned its valuation like an inquisitive guru.

PolicyBazaar jumped into the IPO arena in November 2021 at ?980 per share, raising ?5,710 crore, and debuted with a modest 17% premium. By Q1 FY25, with a net profit of ?16.6 crore and revenue up 25.8%, PolicyBazaar is proving to be as resilient as an Indian jugaad.

Unicommerce ’s public offering saw remarkable interest from investors, becoming the most subscribed startup IPO yet in India this year. On the final day of bidding, the offer was subscribed 168.32 times, driven by strong demand from non-institutional and retail investors, shattering Awfis IPO's record of 108X subscriptions with investors eager to take a bite.

Zomato spiced up the stock market with its IPO on July 23, 2021, opening at ?116 on the NSE—a mouth-watering 52.63% premium—and closing at ?125.30, up a hefty 64.87%. Despite a rough patch in 2022, Zomato’s stock is now as hot as a plate of Hyderabadi biryani, sizzling with renewed investor interest.

The Road Less Travelled

While many startups have taken the IPO route, others, like Zoomcar , have opted for alternative paths such as SPACs (Special Purpose Acquisition Companies) or direct listings. It’s been fascinating to see the diverse strategies at play, with each choice reflecting a bespoke approach to market demands and investor expectations.

The Lessons Learned

The IPO rush has also been a learning experience. Companies realised that going public isn’t just about ringing the bell at the stock exchange; it’s about transparency, governance, and staying true to one’s mission. For some, it’s been a wake-up call to tighten operations and improve customer focus.

The Future Outlook

With the IPO frenzy showing no signs of slowing down, the future looks bright for India’s startup ecosystem. More companies are preparing to go public, and investors - eagerly await the next big opportunity. It’s a sign of a robust and dynamic market that’s ready to take on global challenges.

As the curtain opens on India's IPO extravaganza, one thing’s clear: the startup game has levelled up, and the spotlight is brighter than ever.?

It’s safe to say the stage is set for even bigger acts to follow. So, keep your portfolios ready—this show’s just getting started!

Writing: Ryan Frantz , Reeta Jose

Editing: Surya Kannoth

Feature image: Anubhav Anurag