Zomato's market capitalisation topped Rs 1 lakh crore-milestone after a blockbuster listing on stock exchanges, data from BSE showed. Zomato shares surged more than 50 per cent over the issue price of Rs 76 to open at Rs 116 on the National Stock Exchange. Zomato shares jumped as much as 83 per cent from the issue price to hit an intraday high of Rs 138.90. At the day's highest level Zomato achieved market capitalisation of Rs 1.08 lakh crore on the BSE making it one of the few listed entities to enter Rs 1 lakh crore market capitalisation club on market debut.
The IPO of the online food delivery service provider was the second largest IPO after the Rs 15,199.44 crore Coal India share sale way back in October 2010. It is also the first Indian mega startup to go public, paving the way for the other leading digital companies such as Paytm, Flipkart and Ola to take the IPO route.
Zomato's Rs 9,375-crore offer had received a stupendous response from the investing community. The IPO was subscribed 38.25 times; the portion reserved for qualified institutional buyers (QIB) was subscribed 51.79 times, non-institutional investors attracted 32.96 times subscription and retail segment, 7.45 times.
Following the bumper listing Zomato co-founder tweeted: "A lot of people are calling this a 'historical moment'. It is not. History is always made in hindsight. Never in the present. Back to work."
A lot of people are calling this a ‘historical moment'. It is not. History is always made in hindsight. Never in the present. Back to work.— Deepinder Goyal (@deepigoyal) July 23, 2021
Zomato was incorporated in 2008. Backed by China's Ant Group, Zomato is among the most prominent startups in the country today and has a presence in 24 countries worldwide.
As of 11:44 am, Zomato shares traded 64 per cent higher from issue price at Rs 124.