Zomato listing: An Infosys moment?

The flood of money gushing into start-ups is a seminal moment for the markets, even if all this new capital is burned

For any India investor, the listing and eventual wealth creation by Infosys was a seminal moment for the Indian capital markets. I had the opportunity to witness the event first hand as the Infosys Initial Public Offering (IPO) first failed, devolved on the underwriters and then went on to create unprecedented wealth for all stakeholders. At Morgan Stanley Asset Management, where I worked post-listing, we eventually ended up owning more than 10 per cent of the company, and it drove our returns for many years.

Infosys demonstrated that honest, law-abiding professionals with no corporate backing could create a company modelled on