As the stock market soars to new heights, companies have been racing to issue shares, leveraging the enthusiasm to generate cash for their businesses.
But the game isn’t just being played on Wall Street.
What’s happening: This has been a huge week for initial public offerings in India, which has been churning out billion-dollar startups.
Digital payments firm Paytm is planning to raise as much as 166 billion rupees ($2.2 billion) in an initial public offering in Mumbai, according to documents filed on Friday. The IPO, which is set to be a record tech listing for the country, would value Paytm at $25 billion, according to Reuters.
The news comes just two days after food delivery giant Zomato began raising $1.3 billion from its share sale in Mumbai, my CNN Business colleague Diksha Madhok reports. It was the country’s first tech unicorn to go public.
Step back: 2021 has produced the best start to the year ever for initial public offerings, according to data from Dealogic. Globally, there have been 1,522 deals worth almost $350…