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Home E-commerce

Gone in sixty seconds, Zomato’s retail portion following great response from investors

IndiaTechDesk Editor by IndiaTechDesk Editor
July 14, 2021
in E-commerce, Indian Startups, Investments
55 3
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Zomato.

Zomato is the first of India's top digital startups to IPO

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Shares in the Indian food delivery app, Zomato has gone on sale in its $1.2 billion IPO. It is getting a tremendous response from retail investors. Zomato’s IPO opened on July 14, 2021, at 10 PM and within an hour, the 100 percent retail investor’s share was subscribed.

The lot size of this IPO is 195 shares. That is, one can bid for shares in 195 shares, and its multiple. Retail investors can bid for a maximum of 13 lots. Investors will have to invest a minimum of INR 14,820 for a lot as per the upper band of the IPO.

The investments in Zomato’s IPO that opened today have around 10 percent stake reserved for retail investors. Ahead of Wednesday’s opening, Zomato raised $562.3m from institutional investors, as they bid for 35 times more shares than allotted to them ahead of the much-anticipated offering. The price band of Zomato’s IPO is INR 72-76. Trading in the stock is likely to begin on July 27.

First among top digital startup to IPO

Backed by Jack Ma’s Ant Group, Zomato is the first of India’s top digital startups to IPO, with more expected. However, analysts are wary of the loss-making company’s high valuation. Founded in 2008, Zomato offers food delivery and curates restaurant reviews. It is available in 525 cities and caters to 6.8 million customers every month. The company has become a household name in India.

The company plans to raise INR 9,375 crore from this IPO. The company will issue a new INR 9000 crore, and shares worth INR 375 crore will be sold in the offer for sale. Infoedge, which holds the largest stake in Zomato, will sell shares worth INR 375 crore.

Zomato gained from a marked shift towards online sales during the lockdown due to the coronavirus pandemic that served as a bane for brick-and-mortar food joints most but came as a boon for app-based food delivery startups.

 

Tags: investmentsIPOStartupUnicornZomato
IndiaTechDesk Editor

IndiaTechDesk Editor

IndiaTechDesk is part of beSUCCESS Media group, focusing on Indian startup and tech news, trends and analysis. Write to us at press@indiatechdesk.com.

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