India’s first initial public offering by a consumer internet platform is expected to hit the market on July 19. The company, still making losses, is seeking a rich valuation — a concept new to Indian markets. However, shares of companies with similar businesses abroad have done well in the past few years, riding high growth in revenue and customer numbers though most of them are likewise making losses. After a spectacular rally in 2020, as the pandemic unleashed the full potential of the food delivery business, most listed stocks globally have corrected since the beginning of the year but are still among the priciest. Rajesh Mascarenhas and Apoorva Mittal check out the offer.
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