Making its stock market debut on Friday, the shares of Zomato, a food delivery platform, got listed around 60 per cent to Rs 121 per share on the BSE and NSE, which was above Zee Business Managing Editor Anil Singhvi’s expectation of Rs 100-110 per share.
Making its stock market debut on Friday, the shares of Zomato, a food delivery platform, got listed around 60 per cent to Rs 121 per share on the BSE and NSE, which was above Zee Business Managing Editor Anil Singhvi’s expectation of Rs 100-110 per share.
Terming it a superhit listing for Zomato today, Zee Business Managing Editor said the food delivery aggregator could surprise the investors on the positive side going forward.
Zomato’s initial public offer was oversubscribed by over 38 times, mostly by the QIBs. It has a new and unique business model, however, a loss-making company
The managing editor had said, the market could witness a buying during a listing of Zomato and each would get equal opportunity for the same.
He had urged, all the investors, who have received an allotment and also to fresh buyers to Hold the stock for bumper returns in the long-term view and suggested to Buy the scrip around Rs 90 apiece.
The three-day initial public offer of Zomato was launched on July 14, 2021, and closed on July 16, 2021, for an issue size of Rs 9,375 crore and with a price range of Rs 72-76 per share. The company had mobilised Rs 4,196.51 crore from 186 anchor investors a day before its IPO.
Zomato is one of the first Indian unicorn startups to launch an IPO. It is also the first among Indian online food aggregators. The IPO comprises a fresh issue of equity shares worth Rs 9,000 crore and an offer-for-sale (OFS) worth Rs 375 crore by existing and early investor Info Edge (India).
The managing editor ahead of its IPO launch had explained that investors with huge risk appetite and long-term vision should subscribe for the food delivery aggregators IPO.
The net proceeds raised from the fresh issue will be used for funding organic and inorganic growth initiatives and general corporate purposes.
