Zomato made a stellar debut on bourses on Friday, listing at Rs 116.00 apiece on the NSE, garnering a 52.63 percent premium over its issue price of Rs 76 per share.
On BSE, the food delivery Unicorn got listed at 115 per share, a premium of 51.32 percent. The valuation of the company soared to Rs 91,004 crore.
The Rs 9,375-crore initial public offering (IPO) of Zomato witnessed strong interest from investors as the issue was subscribed 38.25 times during July 14-16. The offer received bids for 2,751.27 crore equity shares against the IPO size of 71.92 crore equity shares.
Zomato is the first Indian unicorn to go public and will be followed by other startups including PayTm, Policy Bazaar, among others.
Analysts believe the company has certain positivities like asset-light scalable business model, expanded target market post the pandemic, first-mover advantage in the food delivery business, etc. But its operations in an almost duopoly market may attract regulatory actions, which would be negative for the company.
First Published: IST