Shares of food delivery firm Zomato Ltd opened at a 52.6% premium to their offer price on Friday, gaining a market valuation of about $12 billion. Shares opened at 116 rupees in pre-open trade compared to the initial public offering (IPO) price of 76 rupees. The shares will be listed on both, BSE and NSE.
Ahead of the big market debut, Deepinder Goyal, Founder, Zomato wrote a letter to shareholders calling the listing "a new day zero" for the food delivery giant.
Here's the full text
Letter from Deepi
I'm a firm believer in India, and where our country will be in the future. India is a tough market to operate in, but if you are building to succeed in India, you are already exceptional. I say that because I believe Zomato and Swiggy are two of the best food delivery apps in the world today. We have a long way to go before we can call ourselves world class by our customers' standards, but we are determined to get there.
Our 10+ year journey has not always been smooth. We have lived through many ups and downs - something not every company has the privilege of living long enough to do. I have made many decisions which have been good for the company, while some have caused our stakeholders a lot of heartburn. That said, we have found ourselves managing times of crisis on different occasions in much the same way - impatiently staying focused on the long term, executing relentlessly, and committing ourselves to doing the very best we can do today.
Even in our hardest times, we've had half of our tech/engineering team work on long-term initiatives. And during the good times, we double down on the long term even harder. The only short term work we do is whatever will earn us the right to continue building the future. We deeply understand that anything good and meaningful takes decades to build.
We are going to relentlessly focus on 10 years out and beyond, and are not going to alter our course for short term profits at the cost of long term success of the company. The tremendous response to our IPO gives us the confidence that the world is full of investors who appreciate the magnitude of investments we are making, and take a long term view of our business.