When Indian brokerage Edelweiss Capital staged its initial public offering in December, its share price almost doubled on the first day.

At an intra-day high of Rs1,608 per share, Edelweiss was valued at nearly 80 times the previous year’s earnings. This mirrored the inflated prices of other large Indian brokerages that had also recently listed on the market, such as Motilal Oswal Securities, and Religare.