And so it begins: Zomato’s fabled journey to the bourses
Investor enthusiasm for the Zomato IPO — the first foodtech startup listing in India — is palpable as the food services platform's IPO opened for subscription on Wednesday.
The first day of Zomato’s IPO saw the issue subscribed by 1.05 times with strong participation from retail investors, who bid nearly 2.70 times the allocated shares.
Zomato said it finalised the allocation of 552.2 million shares to anchor investors at Rs 76 per share, the upper end of its Rs 72-76 IPO price band.
The Gurugram-based company received bids for 75,57,47,850 shares as against the IPO issue size of 71,92,33,522, as per information available on the stock exchanges.
Zomato’s Rs 9,375 crore IPO comprises Rs 9,000 crore worth of fresh issue of equity shares and Rs 375 crore of a secondary share sale by InfoEdge. The company is eyeing a post-issue valuation of Rs 64,365 crore.
On Tuesday, the company's anchor book saw a strong response from global and domestic institutional investors, with the unicorn raising Rs 4196.5 crore, or about 45 percent of its total issue size, from 186 anchor investors, including marquee global names like Tiger Global, New World Fund, and Fidelity, and domestic mutual funds like HDFC, SBI, and Axis Bank.
No wonder, Zomato Founder Deepinder Goyal had to order a "triple breakfast" as a way to beat stress as his company started the journey of going public.
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News & Updates
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Before you go, stay inspired with…
Deepinder Goyal, Founder & CEO, Zomato
“The first rule of entrepreneurship is that there is no rule.”