Mumbai, July 15 (SocialNews.XYZ) The initial public offering (IPO) of online food delivery platform Zomato has been subscribed 1.6 times so far with healthy response from retail and institutional investors.
Data on the BSE website showed that as of 3.05 p.m., the IPO was subscribed 1.62 times and the portion of Qualified Institutional Buyers (QIBs) was subscribed 1.39 times.
The retail portion has been subscribed a whopping 4.33 times, while the portion reserved for employees has been subscribed 0.26 times.
Bids have been received for over 119 crore against the offered 71.92 crore equity shares.
In a note on the IPO, Axis Securities said: "The end-to-end food services approach makes Zomato the most unique food services platform globally combining the offerings of platforms such as Yelp, DoorDash, and OpenTable in a single mobile app."
Zomato operates one of India's largest hyperlocal delivery networks and in FY21, its delivery partners fulfilled 94.1 per cent of the orders delivered, it said.
"The company's precise and real-time demand forecasting, fleet optimisation, and intelligent dispatch technology enable it to optimise matching orders and delivery partners using machine learning. This gives the company a competitive edge in the market," Axis Securities said.
The largest IPO of the year, Zomato opened on Wednesday at Rs 72-76 per share.
On Tuesday, the company had said that it has raised Rs 4,196 crore from several prominent institutional investors as part of an anchor book allocation. It has allocated 55.2 crore equity shares to anchor investors, at a price of Rs 76 per share.
The Singapore government, BlackRock, Goldman Sachs, and the Abu Dhabi Investment Authority, among others, were the participants in the anchor book.
Analysts noted that along with global investors, the anchor portion witnessed strong participation from domestic mutual funds.
The issue comprises an offer for sale of Rs 375 crore by the Info Edge and a fresh issue worth Rs 9,000 crore.
The book running lead managers for the IPO are Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Credit Suisse Securities (India) Private Ltd, BofA Securities India Ltd and Citigroup Global Markets India Private Ltd.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
