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President Trump's Tariff Policies Cause Market Turmoil

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On April 4, 2025, President Donald Trump’s aggressive tariff policies sent shockwaves through global financial markets, triggering widespread turmoil and stoking fears of an economic downturn. The administration’s decision to impose sweeping tariffs—ranging from a 10% baseline on all imports to targeted rates as high as 50% on key trading partners like China, Canada, and Mexico—marked a dramatic escalation in Trump’s long-standing pledge to reshape U.S. trade. While the president touts these measures as a means to boost domestic manufacturing and reduce the $1.2 trillion goods trade deficit, the immediate fallout has been a steep market sell-off, with the S&P 500 plunging nearly 5% in a single day, its worst performance since June 2020. The tariffs, unveiled in a White House address, aim to retaliate against perceived trade imbalances and practices like currency manipulation. Trump argues they will force companies to relocate production to the U.S., creating jobs and strengthenin...
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IPO watch: Indian tech startups filing this quarter – who might delay?

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As of April 2025, India's tech startup IPO landscape is experiencing a cautious phase, with several companies reevaluating their public listing plans due to market volatility and regulatory considerations.


📈 Startups Advancing with IPO Plans

OfBusiness: This B2B commerce platform has engaged major investment banks, including Axis Capital, JPMorgan, and Citigroup, for its anticipated IPO aiming to raise up to $1 billion. The company seeks regulatory approval between March and June, targeting a late 2025 listing. 

Licious: The online meat and seafood retailer plans to go public within the next 12–18 months, aiming for a $2 billion valuation. Despite a decline in revenues to ₹6.87 billion in FY2024, Licious has reduced its losses, indicating a strategic move towards profitability. 


🕒 Startups Potentially Delaying IPOs

Market uncertainties have led several startups to reconsider or postpone their IPO plans:

Ather Energy: Despite receiving SEBI approval for a ₹4,500 crore IPO, the electric scooter manufacturer has deferred its listing due to unfavorable market conditions. 

NSDL (National Securities Depository Ltd.): Approved for a ₹3,000 crore IPO in September 2024, NSDL has yet to launch, reflecting the broader market's cautious sentiment. 

Other Notables: Companies like Schloss Bangalore, Avanse Financial Services, Manjushree Technopack, and Ecom Express have also postponed their IPOs, collectively accounting for significant capital raising plans now on hold. 


📉 Factors Influencing IPO Delays

Market Volatility: The Indian stock market has experienced a downturn, with benchmark indices like Sensex and Nifty declining significantly, leading to reduced investor appetite for new listings. 

Regulatory Scrutiny: The Securities and Exchange Board of India (SEBI) has intensified its examination of IPO-bound startups, especially concerning their key performance indicators and profitability metrics. This heightened scrutiny has prompted some companies to delay their offerings. 

Profitability Concerns: Many startups eyeing IPOs are still grappling with losses. For instance, companies like Swiggy and Ola Electric have reported substantial cumulative losses, raising concerns about their readiness for public markets. 


🔮 Outlook

While the IPO pipeline remains robust, with numerous startups preparing for listings, the current market environment necessitates a cautious approach. Companies are likely to proceed with IPOs once market conditions stabilize and investor confidence returns.


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