Paytm, Zomato and the art of IPO success and Essar’s astounding comeback

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Editor's note: Advait here. Zomato founder and CEO Deepinder Goyal’s quip that he’s been waiting for a bear market for a long time must have felt like a slap in the face for retail investors who signed up for the startup’s IPO. Not to speak of Morgan Stanley, one of the lead managers of Paytm’s fiasco of an IPO, that has now pared much of its stake. So guess who else hadn’t understood Vijay Shekhar Sharma’s business model. Even as one wonders at the cockiness in all this, there’s one astounding comeback in the making taking place at the Essar group. Read on.     All at retail investors’ expense The liquidity unleashed by central banks the world over helped several technology companies raise fresh capital last year. Around eight technology companies raised over $2.5 billion through initial public offerings, an important moment for the Indian startup ecosystem. Yet retail investors have been left clutching at almost nothing.  The BSE Sensex and Nifty 50 indices are down 4% over the last 5 days, while the Nasdaq has shed around 3% over the same …