Zomato shares made a strong stock market debut on Friday, listing at a premium of 53 per cent or Rs 40 apiece on the NSE against the issue price of Rs 76 and Rs 115 apiece (51.31 per cent) on BSE. The total market capitalisation of the online food ordering platform at listing stood at Rs 90,219.57 crore.
Its shares continued to surge higher post listing and the market capitalisation breached the Rs 1 lakh crore-mark. The current market capitalisation of the popular online food ordering platform is Rs 1.03 lakh crore, according to NSE.
Zomato’s initial public offering (IPO) last week ended with a bumper 38 times subscription. The IPO had opened for subscription on July 14, in a price band of Rs 72-76 per share. It closed on July 16.
The company, backed by Jack Ma’s Ant Group Co, is the first from a long list of Indian unicorn startups to launch an IPO. It is also the first among Indian online food aggregators.
This much-awaited public issue is the largest to hit Dalal Street since SBI Cards and Payment Services’ Rs 10,341-crore IPO in March 2020.
Zomato’s Rs 9,375-crore offer had received a stupendous response from the investing community. The IPO was subscribed 38.25 times; the portion reserved for qualified institutional buyers (QIB) was subscribed 51.79 times, non-institutional investors attracted 32.96 times subscription and retail segment, 7.45 times.
Incorporated in 2008, Zomato is present in 525 cities in India, with 3,89,932 active restaurant listings along with a presence in 23 countries outside India.