India's scrapping of a time-consuming compliance step will accelerate the pace at which Indian startups domiciled abroad shift back home to participate in...
BENGALURU - India 's scrapping of a time-consuming compliance step will accelerate the pace at which India n startups domiciled abroad shift back home to participate in the country's listing boom, according to bankers, lawyers and investors.
While Razorpay, Pine Labs and KreditBee are in advanced stages of completing the reverse flip, Zepto, Eruditus and InMobi are also trying to finish the merger process in the coming months in preparation for eventual IPOs, multiple sources said."India is a home market and a place where everybody knows and understands us. From a listing perspective, it makes sense to be in India," said Harshil Mathur, the co-founder and CEO of Razorpay.
"With the IPO market thriving, a reverse flip makes sense. Moreover, the streamlined merger process, designed to facilitate swift and efficient scheme approvals without court intervention, further supports this strategic move," said Mehul Shah, a partner at corporate law firm Khaitan & Co.Before the rule change, only a handful of companies such as Walmart-backed digital payments firm PhonePe and online investment platform Groww had engineered a reverse flip.
"Even without this regulation, last we saw eight to 10 new-age companies were on the path to reverse flip. So, this will encourage ," Gaurav Sood, head of equity capital markets at investment bank Avendus, said of the rule change.The homecoming of the IPO-bound startups is understandable given India's requirement that only local companies list on its exchanges and its ban on dual listings, along with a thin track record of such companies listing overseas.
"There is a strong appetite for tech stocks among Indian public investors, retail investors included," said Sandeep Patil, partner, and Asia head at venture capital firm QED Investors. CNN's Abby Phillip Says She Was 'So Happy' to See Hoda Kotb's Decision to Leave“ Today”: 'Courageous and Brave' CSUB men's basketball team is part of the first NIL program in Bakersfield
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