Home / News / India /  This Indian billionaire likens Indian IPO market to 'monkey business'. See post
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Indian stock market is seeing the unprecedented influx of IPOs this year, with unicorns like Zomato, Paytm, Nykaa and many other start-ups going public, albeit to mixed results. While Nykaa jumped 80 per cent after its November 10 debut, the much-anticipated Paytm IPO disappointed investors with a 27 per cent dip on listing.

Earlier this week, two companies - Go Fashion (India) Ltd, which owns women's wear brand Go Colors, and Tarsons Products launched their IPOs. Meanwhile, Sapphire Foods made its market debut with Paytm on Thursday.

Amid these high and lows of the Indian market, RPG Group Chairman Harsh Goenka shared a story, meant as a cautionary tale for investors looking to cash in on the IPO gold rush.

Goenka took to Twitter to post a story about fraudsters luring people of a village by paying them good returns, but ultimately duping them of their money, causing more trouble in the process.

Goenka captioned the post: “What’s happening in the IPO market #startups - well explained!"

A day before, Goenka had warned investors to be wary of the IPOs that have flooded the market.

“For those who subscribed to the IPOs - let it be a lesson. For those who are looking at future IPOs - be very careful. Go back to the basics- profits, free cash flow, PE multiples," Goenka wrote.

“I can visualise another dot com like collapse. And the retail shareholders are going to get burnt," he added.

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