Indian companies are sharply correcting their valuations and postponing public debuts as late-stage, pre-listing private investments face severe friction. After two consecutive years of record-breaking initial public offerings (IPOs), a volatile secondary market, macroeconomic shifts, and a correction in rich unlisted-market valuations have forced an institutional reality check.
Domestic fund managers and institutional investors have shifted decisively from momentum-chasing to valuation discipline, rejecting overhyped price expectations and forcing highly anticipated tech and consumer startups to hit the brakes.
