Zomato’s market cap over INR 1 lakh crore

Zomato, an Indian food delivery platform, made its debut in the stock market on 16 July 2021, listing at INR 116 per share on National Stock Exchange (NSE), a 53% premium against the issue price of INR 79 per share. According to Bombay Stock Exchnage (BSE), market capitalisation of Zomato has crossed INR 1 lakh crore, standing at INR 1,08, 263.48 crore as of 10:12 am.

Zomato’s stock market debut was expected to be on 17 July, but preponed to 16 July with the shares allotment finalising on 15 July. Initial Public Offering (IPO) worth INR 9,400 crore was closed on 16 July with subscription of over 38 times. Bid of retail investors was 7.45 times the quota reserved while for qualified institutional buyers (QIBs),  bids were around 54 times the quota. It was 35 times in case of non-institutional investors.

In a letter to the shareholders ahead of the debut, Deepinder Goyal, Zomato CEO and founder said, “..The future looks exciting. I don’t know whether we will succeed or fail – we will surely, like always, give it our best.” The company reported that it will use the net proceeds from the fresh issue to cash its organic and inorganic growth initiatives and general purposes.