Zomato market value crosses ₹1 lakh cr after listing
The Food delivery giant Zomato's market cap value crosses ₹1 lakh crore within minutes after its listing on stock exchanges, its CEO Deepinder Goyal tweeted, "A lot of people are calling this a 'historical moment'. It is not."
Zomato is a money-losing, cash-burning enterprise now, it has immense market potential and is on track to delivering on a viable business model. We are going to relentlessly focus on 10 years out and beyond, and are not going to alter our course for short-term profits at the cost of long-term success of the company,” Zomato’s Goyal said.
This is 52.63 percent higher than its final offer price of Rs 76. On BSE, Zomato traded at Rs 115, a 51.32 percent premium when the market opened. The Zomato share further increased the listing gains, trading at Rs 127.25 per share, up 67 percent.
"History is always made in hindsight. Never in the present. Back to work," he added. Zomato listed at a premium of 53% over the IPO price.
Ahead of the listing, Zomato IPO shares allotment was finalised on Thursday and its stock market debut was preponed given it was initially expected to list on July 27. The ₹9,400 crore initial public offering (IPO) of the food delivery startup, India's biggest since IPO March 2020, closed on 16 July with a subscription of over 38 times.
Retail investors bid 7.45 times while qualified institutional buyers or QIBs bid almost 54 times the quota reserved for them and non-institutional investors 35 times. Ahead of the IPO, it had mobilised ₹4,196 crore from 186 anchor investors. The IPO comprised a fresh issue of equity shares worth ₹9,000 crore and an offer-for-sale (OFS) worth ₹375 crore by existing investor Info Edge (India), which is the parent company of Naukri.com.
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