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    Weekly wrap | The IPO corner: Here’s all the latest news from IPO-bound train of Indian startups

    Weekly wrap | The IPO corner: Here’s all the latest news from IPO-bound train of Indian startups

    Weekly wrap | The IPO corner: Here’s all the latest news from IPO-bound train of Indian startups
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    By Aishwarya Anand   IST (Updated)


    Here are all the big announcements that made headlines.

    Zomato makes bumper debut at bourses
    Zomato made a stellar debut on bourses on Friday, listing at Rs 116 on the NSE, garnering a 52.63 percent premium over its issue price of Rs 76 per share.
    On BSE, the food delivery Unicorn got listed at 115 per share, a premium of 51.32 percent. The valuation of the company soared to Rs 91,004 crore.
    The Rs 9,375-crore initial public offering (IPO) of Zomato witnessed strong interest from investors as the issue was subscribed 38.25 times during July 14-16. The offer received bids for 2,751.27 crore equity shares against the IPO size of 71.92 crore equity shares.
    Zomato is the first Indian unicorn to go public and will be followed by other startups including PayTm, Policy Bazaar, among others.
    Ahead of Stock Market Listing, Zomato's app was down due to cloud outage
    Ahead of its historic listing on the stock exchange, food delivery app Zomato was down for users on Thursday night.
    The reason for Zomato’s outage came out to be the fact that the Akamai Technologies cloud service that the food delivery app uses was down. Apart from Zomato, other apps like Disney+Hotstar, Sonyliv, Paytm websites, and others went down on Thursday night after Akamai suffered an outage.
    While some of the websites showed ‘can’t be reached’, others reflected ‘DNS failure’. A number of other international websites also suffered outage.
    Akamai tweeted that it is “experiencing a service disruption". “We are actively investigating the issue and will provide an update in 30 minutes," it said.
    Responding to Akamai’s tweet, Zomato’s founder Deepinder Goyal also said that Zomato is down due to a widespread Akamai outage. “Our teams are working to ensure all orders placed are delivered in time," Goyal said in a tweet.
    Paytm also tweeted saying that some of its services were affected due to global outage at Akamai.
    Policybazaar to raise Rs 6,500 Cr through fresh issue via IPO
    Insurance player Policybazaar's parent company PB Fintech is looking to raise up to Rs 6,500 crore via fresh issue of shares in its upcoming IPO, regulatory filings show.
    The company received approval for the IPO at its extraordinary general meeting held on July 5. The company will also have an option to retain oversubscription of up to 1% of the net offer. The offer could also include an offer for sale, and the company said there could also be a pre-IPO private placement.
    Separate filings also show that PB Fintech was converted into the public limited company through a special resolution in June as a precursor to the IPO.
    Policybazaar is expected to file its draft red herring prospectus (DRHP) with the regulator very soon.
    Rakesh Jhunjhunwala-backed Star Health Insurance files DRHP to raise funds via IPO: Report
    Chennai-based Star Health Insurance, which is backed by Rakesh Jhunjhunwala and PE firms Westbridge Capital & Madison Capital, has filed its draft red herring prospectus (DRHP) for a big-bang IPO, industry sources informed MoneyControl.
    With this move, Star Health Insurance would become the first pure play health insurance player to debut on the Indian bourses, said MoneyControl.
    “The papers have been filed with the regulator and it will be a big issue. The fresh issue component is around Rs 2,000 crore and the larger offer for sale component will be finalised based on the valuations,” a source was quoted as saying in the MoneyControl report.
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