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India IPOs rise as startups divert investor attention from China

Dozens of companies look to list in first half despite Paytm's rocky debut

India's Bombay Stock Exchange foresees a rush of IPOs in 2022.   © Reuters

BENGALURU -- About a dozen Indian startups are planning to list in the first half of 2022, undeterred by the shaky debut of SoftBank-backed financial services company Paytm, as they hope to benefit from the frenzy surrounding Indian tech stocks as investors shy away from China.

Paytm floated earlier this month after raising 183 billion rupees ($2.44 billion) in India's biggest initial public offering yet. The company's shares tanked to 1,580 rupees apiece on their first day of trade, from their offer price of 2,150 rupees each.

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