A tech IPO-in-waiting is already triggering FOMO, decacorn projection in India

MUMBAI: The first-ever technology company IPO in India, that of Zomato, is set to be the biggest event of 2021 for the Indian capital market. IPOs of companies that belong to sunrise sectors have often met with much frenzy.

This frenzy to grab a piece of the blooming Indian food technology sector, some market participants believe, could be so intense that Zomato could command valuations of a decacorn ($10 billion or more) by the time its shares start trading on the stock exchanges.

“There’s a distinct possibility of the IPO being priced at higher valuations. The Indian internet space has a lot of promise due to multiple macro factors,” brokerage firm Ambit Capital said in a note.