Zomato shares listed at Rs 115 on the BSE and zoomed 82% to Rs 138 a share, valuing the company over Rs 1,08,219 crore, entered the elite club of Top 100 listed companies in value terms, with a market capitalization of over Rs 1 lakh crore. On NSE, the stock made a debut at Rs 116, up 52.63%.
The company received Rs 2.13 lakh crore bids against an offer size of Rs 9,375 crore, making it the third-highest in Indian capital history. Ahead of the listing, Zomato Founder Deepinder Goyal expressed optimism about the company.
“On the day of our listing, here’s something I want to share with our shareholders, and India’s startup ecosystem. https://zomato.com/
The future looks exciting. I don’t know whether we will succeed or fail – we will surely, like always, give it our best,” said Goyal in a tweet.
In his letter, Goyal applauded Reliance Jio’s ‘prolific growth’ for the opportunities it has unleashed for the new-age internet startups in India. “Jio’s prolific growth has set all of us up for unprecedented scale,” he said.
Talking about rival Swiggy, Goyal said, “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.”
The IPO of the online food delivery service provider is the second-largest IPO after Coal India raised 15,199.4 crores a decade ago.
Analysts believe that the FoodTech market has shown tremendous potential and has attracted significant investment as India’s online food delivery market. As a result, they believe India is in the midst of a revolutionary period.