Zomato shares have made a stellar debut on the bourses after the share listing was advanced from the scheduled date of July 27. The shares of the food startup opened at Rs 116, a premium of Rs 53 per cent compared to the issue price of Rs 76. At 10:05 am, Zomato shares were trading at the day's high of Rs 134.70, up 77.63 per cent on the BSE and Rs 135.60, up 77.57 per cent on the NSE.
Ahead of the listing, Deepinder Goyal, Founder, Zomato had expressed optimism about the company.
On the day of our listing, here's something I want to share with our shareholders, and India's startup ecosystem. https://t.co/BAIM8bTATY
The future looks exciting. I don't know whether we will succeed or fail – we will surely, like always, give it our best.The IPO of the online food delivery service provider is the second largest IPO after the Rs 15,199.44 crore Coal India share sale way back in October 2010. It is also the first Indian mega startup to go public, paving the way for the other leading digital companies such as Paytm, Flipkart and Ola to take the IPO route.
Meanwhile, in a letter to shareholders before the listing, Deepinder Goel called the listing “a new day zero” for the food delivery giant. “Today is a big day for us. A new Day Zero. But we couldn't have gotten here without the incredible efforts of India's entire internet ecosystem,” Mr Goel wrote in the letter titled “Letter from Deepi”.
“I'm a firm believer in India, and where our country will be in the future. India is a tough market to operate in, but if you are building to succeed in India, you are already exceptional.
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.
The restaurant aggregator and food delivery company's primary market offering consisted of a fresh issue of Rs 9,000 crore and an offer for sale of Rs 375 crore by the promoter, Info Edge India.
The anchor book had also garnered a strong response ahead of the IPO. Zomato raised Rs 4,196.51 crore from 186 anchor investors, including New World Fund Inc, American Funds, Tiger Global Investments Fund and BlackRock Global.
Zomato was incorporated in 2008. Backed by China's Ant Group, Zomato is among the most prominent startups in the country today and has a presence in 24 countries worldwide.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
