India convincingly overcomes its IPO demons

Brainbees Solutions

14/08/2024 06:18

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
    By Anshuman Daga
       SINGAPORE, Aug 14 (Reuters Breakingviews) - Cautious
pricing is paying off. E-bike maker Ola surged on its debut and
e-commerce platform Brainbees jumped 46%. The success by the
unprofitable SoftBank-backed firms clears the way for big deals
that will help the country retain Asia's IPO crown as other
venues falter.
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    CONTEXT NEWS
    Shares in Indian e-commerce company Brainbees Solutions,
which operates online baby products marketplace FirstCry, closed
46% above their IPO price on their debut on Aug. 13, following a
$501 million initial public offering.
    It follows a strong debut from Ola Electric; the scooter
maker's IPO raised $734 million and its shares closed at 108
rupees on Aug. 14, 42% above the offer price after its first
three days of trading.

 (Editing by Una Galani and Aditya Srivastav)
 ((For previous columns by the author, Reuters customers can
click on  DAGA/ 
anshuman.daga@thomsonreuters.com))