Zomato enters India Inc's top 50 with Rs 98,000 crore IPO valuation
With the ringing of the bell by its customers, delivery partners, and restaurant partners, Zomato became the first Indian unicorn to get listed on the stock exchanges.
Zomato opened at Rs 116 per share on the National Stock Exchange (NSE) and rose rapidly to a level of Rs 138, before closing at Rs 125. The foodtech giant exceeded all expectations on day one with a 66 percent rise in share price and a market capitalisation of little more than Rs 98,000 crore ($13 billion approximately).
This makes Zomato one of India's top 50 companies by market capitalisation, and as of Friday's closing price, it was more valuable than 76-year-old automotive major Tata Motors.
Earlier in the day, the company’s market capitalisation actually crossed Rs 1 lakh crore, with over 40 crore shares being traded.
Image source: Shutterstock
The listing followed a strong response to Zomato's initial public offering (IPO) from investors last week, which was subscribed 44 times across all categories.
Zomato's stellar debut on the stock markets comes on the back of CEO Deepinder Goyal's hunger to solve consumer problems at scale. An entrepreneur, he now leads a company that caters to an average 32 million monthly active users with nearly 7 million monthly transacting users.
The IPO of the foodtech giant heralds a new era for Indian startup-tech IPOs and for India’s growing foodtech industry.
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News & Updates
- Amazon India has announced the launch of 'Multi-Seller Flex' (MSF) that will help reduce operational costs for sellers in Tier II cities and beyond. MSF sites are fulfilment centres (warehouses) operated by authorised third-party service providers (local entrepreneurs).
- Global cloud-led data software company NetApp announced the graduation of eight startups from the current cohort of its startup accelerator programme. The cohort includes B2B-location engine Data Sutram, cybersecurity startup FireCompass, and AI-focused Metabob.
- Various online platforms in India, including Zomato and Paytm, faced temporary disruption in services due to a global outage at internet infrastructure company Akamai Technologies. A number of other international websites also suffered outages.
- Recruitment portal Naukri.com parent company Info Edge has entered into an agreement to acquire 100 percent of the share capital of Bengaluru-based DoSelect for Rs 21 crore.
- Online bus ticketing platform redBus announced the launch of 'vaccinated bus' service across 600 major routes in India. Booking a ticket on this service requires travellers to have received at least the first shot of the COVID-19 vaccine and they must submit proof of the same.
Before you go, stay inspired with…
“They say it takes a village to raise a child, and we are no exception. Hundreds of people have selflessly played a part in making Zomato what it is today.”