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The two IPO-bound startups are showing signs of a slowdown and will be looking over their shoulders as online B2B marketplaces launched by the conglomerates grow fast.

The JSW Steel founder is embarking on an unprecedented expansion, betting on Japan’s JFE and Korea’s POSCO to share the load. But rivalries, debt and market risks could complicate the plan.
Most business-to-business companies waiting to list on the public markets have a problem that prospective investors should be aware of: severe indebtedness.
The B2B marketplace has done almost everything right, attracting value investors like Pulak Prasad. Yet, the stock continues to languish.