Zepto Delays IPO in Latest Sign India’s Listing Boom Is Losing Momentum

Zepto Delays IPO in Latest Sign India’s Listing Boom Is Losing Momentum Good morning... I’m Pratigya Vajpayee in New Delhi, and we’re starting the week, and the new month, with plenty for investors to watch. The last two months brought rare wins for Indian stocks, with the Nifty outperforming the broader Asian equity benchmark, helping narrow its year-to-date underperformance. July also saw foreign investors buy stocks after a four-month selloff. That backdrop, coupled with lower oil prices as tensions in the Middle East ease, sets an optimistic tone as August gets underway. But the recent rebound has only partly repaired the damage from a difficult first half. The Nifty is still down nearly 7% this year, and that has left companies wary of testing the public markets, with several IPO hopefuls pulling back as we write below. The new week also brings attention to the fixed-income and currency markets, which have been rocked by US and Japanese intervention in recent days. India’s central bank is due to decide on rates Wednesday. While it is expected to keep policy settings unchanged, a narrowing yield gap between US and local bonds as well as planned price increases across the consumer goods sector will likely shape the RBI’s guidance on the path ahead. Meanwhile, Bloomberg Index Services has deferred the inclusion of Indian bonds in its global gauge. In today’s newsletter, we cover: But first, a look at why the IPO market is cooling.