The initial public offering of food delivery platform Zomato opened on Wednesday, with more than 36 per cent of shares offered being subscribed in the initial hours.
The offer received bids for 26.10 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed. Retail investors sought 1.91 times the portion reserved for them.
Against 12.95 crore shares reserved for retail individual investors, 24.76 crore shares were bid by 13.30 hours. Non-institutional investors put in bids for 7 per cent against their reserved portion. The portion set aside for employees was subscribed 6 per cent, while qualified institutional buyers have put in bids for 2.69 lakh equity shares against their reserved portion of 38.88 crore equity shares.
Shares in the IPO, which is the biggest in India this year, are being offered in a price band of Rs 72-76 per share. Zomato has already mobilised Rs 4,196.51 crore from 186 anchor investors on July 13, a day before the issue opening. The IPO size has been reduced to Rs 5,178.49 crore from Rs 9,375 crore earlier.
The company, backed by Jack Ma’s Ant Group Co, is the first from a long list of Indian unicorn startups to launch an IPO. It is also the first among Indian online food aggregators.