Decoding the mad rush for technology IPOs in India July 19, 2021 Seize the moment appears to be the mantra for investors these days. After all, what explains the euphoria behind food delivery firm Zomato Ltd’s initial public offering (IPO). Its valuation was already expensive at around 12 times estimated FY23 revenue. Yet, the book-built part of the loss-making firm’s IPO was subscribed about 38 times, with investors banking on a listing at a $10 billion valuation. Other internet firms are lining up their IPOs, too, to take advantage of the frenzy on the Street. The pipeline of tech-related companies is robust and includes firms such as Paytm, PolicyBazaar, Nykaa and MobiKwik.