Zomato makes a strong stock market debut, shares list at Rs 116

Online food delivery platform Zomato made a strong stock market debut on Friday as its shares got listed at Rs 115 a piece on BSE, which saw a surge of 51.32 per cent or Rs 39 from IPO price of Rs 76. While on NSE, Zomato shares surged nearly 52.63 per cent or Rs 40 to Rs 116 apiece.

Zomato’s total market capitalisation stood at Rs 90,219.57 crore. In traded volume terms, 42 lakh shares have exchanged hands on BSE, while 19.41 crore units traded on NSE, so far. The Rs 9,375-crore IPO was sold in a price band of Rs 74-76 a share during 14-16 July. 

Zomato becomes the first Indian unicorn to go public and will be followed by other startups including PayTm, Policy Bazaar, among others.

The company fixed the price at the higher end of the offer band of Rs 72-76 for 71.92 crore shares. The IPO of Zomato was India's biggest initial share sale offer since March 2020.

While qualified institutional buyers or QIBs bid almost 52 times the quota reserved for them, non-institutional investors sought 640 crore shares against their quota of 19.43 crore. Retail investors bid 7.45 times against the 12.96 crore shares reserved for them.