India's IPO Boom Accelerates as Zomato Sets Record Valuation

India's primary market has raised roughly Rs 37,000 crore in the first four months of the fiscal year, on track for the highest annual collection since FY 2018. The Zomato IPO alone secured Rs 9,400 crore, commanding a sizable premium and signalling strong investor appetite for tech listings. The success is prompting other companies such as PolicyBazaar, Nykaa, Paytm, Mobikwik, Fino Payments and CarTrade to consider public offerings, while concerns emerge that valuation premiums of 70 % or more may indicate an oversupplied market.

An IPO proceeds through several stages: appointment of advisors and underwriters, preparation and filing of the Draft Red Herring Prospectus, regulatory review and approval, and determination of the issue price through book‑building before the shares are listed on a stock exchange. These steps ensure compliance, disclose risks, and set the pricing framework for investors.