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Zomato's Debut in Stock Market: Share Price Sees 66% Jump on 1st Day

Ahead of the listing, CEO Deepinder Goyal tweeted, "Never been so excited and indifferent at the same time."

Updated
Business
2 min read
<div class="paragraphs"><p>Zomato's shares were listed on the national bourses on Friday, 23 July.</p></div>
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Stocks of online food delivery platform Zomato made a stellar debut on stock markets on Friday, 23 July, with market valuation soon crossing the Rs 1 lakh-crore-mark. According to a Reuters report, Zomato closed nearly 65 percent above its offer price, at Rs 125.20.

Zomato's shares were listed on the national bourses on Friday, a day after the food delivery giant finalised its IPO share allotment, ahead of schedule. Earlier, the shares were to list on 27 July but Zomato decided to go public on 23 July instead.

As it made its debut, Zomato shares opened at Rs 116 per share, at around 50 percent premium to its issue price of Rs 76 per share, reported Moneycontrol. As per the report, as of 10:12 am, the value stood at Rs 1,08,263.48 crore.

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According to BloombergQuint, Zomato's stock also saw an intraday high of Rs 138.85 thereafter.

Around 1 pm, its shares on the BSE were trading at Rs 125.90, higher by Rs 10.90 or 9.48 percent from the issue price of Rs 76 per share.

From 'one day to day one', Zomato's Twitter handle posted soon after the opening on Friday.

Ahead of the listing, CEO Deepinder Goyal wrote on Twitter, "Never been so excited and indifferent at the same time."

Goyal had also penned a note to shareholders and India's startup ecosystem.

"Today is a big day for us. A new Day Zero. But we couldn’t have gotten here without the incredible efforts of India’s entire internet ecosystem," he wrote in a blog.

"We stand proudly and humbly on the shoulders of giants, and we thank everyone for giving us, and so many other startups, the opportunity to look ahead into the future," he added.

"I don’t know whether we will succeed or fail – we will surely, like always, give it our best. But I hope that the fact that we are here, inspires millions of Indians to dream bigger than we ever have, and build something way more incredible than what we can dream of."
Deepinder Goyal

The bell ringing ceremony at Zomato's office, to celebrate the listing, will be a low-key affair with few in attendance, while employees working from home will be able to watch on a live-streaming link, Moneycontrol reported.

Zomato's IPO

Zomato Ltd had on 14 July, launched its three-day initial public offering comprising a fresh issue of Rs 9,000 crore and sale of shares worth Rs 375 crore by existing investors, BloombergQuint reported.

The offer received a stellar response and was subscribed 38.25 times, reported Moneycontrol.

Zomato is going public as a professionally run company as none of its 74 shareholders hold more than 25 percent stake in it.

Founded in 2008, Zomato has three businesses: Food delivery, Hyper Pure, and Zomato Pro.

According to its IPO filings, Zomato's international segment contributes about a tenth to its business and 2.5 percent to its total assets.

(With inputs from Moneycontrol, Mint, Reuters and BloombergQuint)

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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