The price band for IPO is Rs 72 to 76 per share (Symbolic Image)
New Delhi :
Online Food Delivery Company zomato (Zomato) of initial public offering (IPO) is the biggest IPO of a decade. Today is the last day to apply for Zomato’s IPO. The IPO has got more than 30 times subscription till the last day of offering. Online food delivery service provider Zomata’s IPO is the second largest IPO after Coal India’s share sale of Rs 15,199 crore in October 2010. The company’s IPO was open on July 14 and will close at 5 pm today.
According to the data available with the stock exchanges, on the third and last day of the offering today, the IPO was subscribed 32.92 times so far. The share reserved for retail investors was subscribed 7.07 times till 3.28 pm on Friday. The portion earmarked for non-institutional investors (NIIs) was subscribed 23.24 times. The reserve portion of Qualified Institutional Buyers (QIBs) was subscribed 42.19 times, which is the highest among the three groups of investors. Zomato has already raised over Rs 4,196 crore from anchor investors before the IPO.
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The size of the IPO is Rs 9,375 crore and will involve issue of fresh shares worth Rs 9,000 crore, while a sale offer of Rs 375 crore will be made by Info Edge (India) Ltd.
According to Zomoto, the proceeds of the issue will be used to expand the business and for acquisitions. The online food supply segment has witnessed a sharp growth in the last few years, with Zomato and Swiggy being the main competitors. The price range for the IPO has been kept at Rs 72 to 76 per share.