IPO

CarTrade has raised INR 29.9 billion (USD 403 billion) through its IPO, which was a pure offer for sale by existing investors and shareholders.

CarTrade garnered bids for 263 million equity shares against an IPO size of 12.9 million equity shares.

Developer behind ‘PUBG’ still becomes biggest listed gaming company.

With the listing, nine-year-old Nykaa—one of the very few profitable e-commerce companies—is reportedly eying a valuation of USD 4 billion.

The company plans to utilize the proceeds from the IPO to enhance awareness of its brands, expand its international businesses, and establish an offline presence.

China is looking for ways to soothe the nerves of overseas investors as it cracks down on the tech sector.

Oyo’s valuation had dropped to USD 8 billion in mid-2020 amid the COVID-19 pandemic, from USD 10 billion in November 2019.

Analysts believe that tech stocks such as Bukalapak will lure young retail investors and inspire other internet companies to hit the local capital market.