Zomato debuts at 66% premium

Published - July 23, 2021 10:57 pm IST - MUMBAI

Shares of online food delivery and restaurant listing platform Zomato Ltd. on Friday debuted on the stock exchanges at a premium of 66% to the allotment price.

The shares got listed at ₹115 a piece on the BSE and hit the upper circuit at ₹138 before closing at ₹125.85, rising almost 66% from the allotment price of ₹76.

The company raised ₹9,375 crore from the market and the IPO was subscribed 38 times.

At Friday’s closing price, the company‘s market capitalisation was estimated at ₹98,731.59 crore.

Vinod Nair, head of Research, Geojit Financial Services said the listing was much above expectations.

“A key factor for this stock price to sustain the euphoria is to demonstrate improvement in profitability in the coming quarters,” he said.

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