Zomato Zooms on Listing: Zomato shares rise sharply, market cap crosses 1 lakh crore as soon as the listing

Zomato Share Listing: Shares of online food ordering platform Zomato have made a tremendous opening on the stock exchange today and its prices have reached almost 80 percent premium over the IPO price. Its share price is at Rs 138 against the IPO price of Rs 76. In the pre-open, these shares were at 115 in BSE and 116 in NSE. Its shares are listed ahead of a predetermined schedule. Earlier, the company had indicated that its shares may be listed in the market between July 23 and July 27 and now it is listed today on Friday, July 23. This mega IPO of 9375 crores was open for subscription from 14-16 July last week. The market cap of Zomato has crossed Rs 1 lakh crore with the listing. BSE said in a notice that the shares of Zomato will be listed today and its trading will be in the B group of securities.

Biggest IPO since March 2020

Zomato’s IPO was the biggest IPO issue in the country since March 2020. The company had fixed a price band of Rs 72-76 for the issue. Fresh shares worth Rs 9000 crore and shares worth Rs 375 crore have been issued through the IPO of Zomato under the Offer for Sale (OFS) by Naukri.com’s parent company Infobase. Funds from the IPO will be used for organic and inorganic growth initiatives and for general corporate purposes.

Reserved part for employees not fully subscribed

Zomato’s IPO was oversubscribed 38.25 times but the share reserved for employees was not fully subscribed. The share reserved for qualified institutional buyers was oversubscribed by 51.79 times, while the share reserved for non-institutional investors was oversubscribed by 32.96 times. The share reserved for employees was oversubscribed by just 0.62 times. The share reserved for retail investors was oversubscribed by 7.45 times.