Debutants beating benchmark crowded India IPO market

Strong debut: A Zomato delivery rider in Mumbai. Food-delivery app Zomato Ltd, India’s first unicorn, has climbed 77% since its debut last month. — Bloomberg

MUMBAI: Newly listed Indian stocks are beating the benchmark by the most in seven years, helped by a record pace of initial public offerings (IPOs) that some see as the start of a multi-year expansion for the country’s US$3.2 trillion (RM13.56 trillion) stock market.

A gauge of firms that listed in the past two years has outperformed the Nifty 50 Index by more than 40 percentage points this year, the biggest gap since 2014. Most notable has been food-delivery app Zomato Ltd, the nation’s first “unicorn,” which has climbed 77% since its debut last month.