?? Tech IP-Oh: Still frozen

In September this year, 22 companies filed for a stock listing, registering a record not seen in nearly 20 years. If we examine the April-September window, we find that there were 31 companies, per PRIME Database Group , the highest for the period since 2007-08.

Sadly, none of the 100-odd venture-backed unicorns were on that roster, although multiple players either submitted paperwork or hinted at a potential move. ?

The market hasn’t reopened for tech yet, primarily because of the lingering memory of the slump that followed the unicorn IPO wave of 2021. It doesn’t help that the big names are under water despite recent gains.

Paytm is currently trading at a 52-week high, but it remains nearly 60% below the issue price. Nykaa , Delhivery, Policybazaar and Freshworks also lag behind their debut levels. Zomato has narrowed the gap to nearly 50% after delivering net profit.

This past week, we reported about how OYO was seeking a private equity round after dealing with the complexities of the IPO process for two years. While it still wants to go public, business realities demand that it arrange cash urgently.

Entrepreneurs are hoping that the conditions on the street will become conducive for their plans soon. Mamaearth, a profitable brand, is targeting a November listing at a valuation of $1.4 billion, and not the figure of $3 billion that was widely reported earlier.

Ola Electric , FirstCry.com (BrainBees Solutions Ltd.) , Swiggy and Lenskart.com are also expected to initiate steps for a flotation in the coming months.

“The performance of Mamaearth ’s shares will greatly influence how the others price their issues. Though many are profitable, valuation multiples may be a lot more sober compared to 2021,” said an investment banker working with some market-bound companies.?

Madhav Chanchani

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