Zomato’s stock closes at 126 on its first day of trading, a 65 percent premium

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By: Priyanka Sikdar

Last Update: 2021-07-24 17:59:05 IST

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Zomato’s stock price was up 66 percent, or Rs 50, from its initial public offering (IPO) price of Rs 76. Zomato shares opened 20% higher at Rs 138, virtually tripling the money invested in the IPO. On the closing bell, the online food ordering platform’s overall market capitalization was Rs 98,211 crore, down from Rs 1 lakh crore earlier in the day.

Zomato’s stock closes at 126 on its first day of trading, a 65 percent premium

Zomato closed the first day of trading 8% higher than the listing price, with a market capitalization of 98,221 crores.

Zomato’s stock price was up 66 percent, or Rs 50, from its initial public offering (IPO) price of Rs 76. Zomato shares opened 20% higher at Rs 138, virtually tripling the money invested in the IPO. On the closing bell, the online food ordering platform’s overall market capitalization was Rs 98,211 crore, down from Rs 1 lakh crore earlier in the day. Zomato shares finished at Rs 125.85 per share on the BSE, up 65 percent or Rs 49.86. On the BSE, 451 lakh shares changed transactions, while the NSE saw 69.48 crore units change hands. During the 14-16 July, the Rs 9,375-crore IPO was sold in a price range of Rs 74-76 per share.

The food-tech unicorn’s big public offering was oversubscribed 38 times, with a strong reaction from all types of investors. Zomato is the first Indian online unicorn to list on the stock exchange. Since SBI Cards and Payment Services’ Rs 10,341-crore IPO in March 2020, this much-anticipated public offering is the largest to touch Dalal Street.

Zomato was also the first Indian mega-company to go public, and it was the second-largest IPO after Coal India’s IPO in October 2010 for Rs 15,199.44 crore. The IPO of the online meal delivery service provider has prepared the door for other top digital companies to follow suit, including Paytm, Flipkart, and Ola.

Zomato’s 9.375 crore IPO drew a massive reaction from investors, with the IPO being subscribed more than 38 times on the last day. The section earmarked for eligible institutional purchasers was subscribed 51.79 times, the retail sector 7.45 times, and the non-institutional segment 32.96 times.

 

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