“Right now, fear is creeping up but give it some time, greed will be right back.”ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. These shares are worth an estimated Rs 600 crore, according to reports. “Last year was all about greed and, short of an alien invasion, the market was ready to accept anything,” Murthy said. IST 6 Min (s) Read Paytm employees eye Rs 600 cr ESOP share conversion ahead of IPO Ahead of Paytm's IPO, several of its top employees are seeking to convert their employee stock ownership plan (ESOP) grants into the company’s shares. Sandeep Murthy, a Mumbai-based partner at Lightbox, said concerns among public market investors are intensifying after two years of “rocketing” growth. The final valuation and investor interest in what’s being called the “mother of all Indian IPOs” could dictate the course of technology companies’ listing plans, multiple people said. of India, which filed its draft prospectus over the weekend. Hanging over the Indian listings is a big unknown: the fate of the massive public share sale of state-owned Life Insurance Corp.
InMobi and Pine Labs did not respond to requests for comment. Sunnyvale, California-based software-as-a-service provider Druva, Singapore-based mobile solutions startup InMobi and fintech Pine Labs were all founded in India, where they still have the bulk of their operations.Ī Druva spokesperson said by email that “the company will continue to monitor market and industry conditions and will do what best positions Druva for future growth and success.” have been put off or deferred to the second half of 2022 or later, some of the people said. A broader decline in tech stocks in India and beyond has only added to the gloom.Įven the US IPOs of startups Druva Inc., InMobi Pte. Paytm was also in talks with lenders to help employees borrow money to exercise stock options. IPO-bound Paytm gets shareholders’ nod to more than double its ESOP pool. But its shares have plummeted 60% from their IPO price, infuriating investors and fueling concerns among regulators. Paytm will more than double its ESOP pool from 24.09 million equity options to 61.09 million options, regulatory filings showed. Paytm’s parent company, One 97 Communications Ltd., raised a record $2.5 billion when it went public in November. India’s first-ever tech IPO rush marked a monumental year of exits for global investors in 2021. Spokespeople for Pharmeasy and Droom declined to comment. IPO-bound Paytm employees add 5.45 lakh more shares for monetisation Earlier, 200 former and current employees had converted their ESOPs into shares, taking the total count of employees to around 220. Pharmeasy’s investors include Prosus Ventures and TPG, while Droom is backed by Beenext and Lightbox Ventures. They are taking their time to respond to the regulator’s queries to slow down the listing process on purpose, the person said.Īlso up in the air are the IPO timings of Pharmeasy, which goes by API Holdings Ltd., and automobile marketplace Droom Technology Ltd., which filed initial IPO documents in November.
The management and bankers of Oyo, formally called Oravel Stays Ltd., are not in a rush, however, said one of the people.
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