Zomato Shares End Day 1 Trading at INR 126
Zomato's stock price was up 66 per cent or INR 50 from IPO price of INR 76
Zomato's stock market debut was watched by one and all in India's business world, especially the startup ecosystem. The food delivery giant exceeded all expectations. The company's share price ended the first day of trading at INR 126 apiece.
The food giant's shares increased 51.32 per cent or INR 39 from IPO price of INR 76. Just after getting into the trade, it hit the 20 per cent upper circuit at INR 138.
The food delivery platform opened for subscription its INR 9,375-crore initial public offering (IPO) on July 14, 2021, reportedly India's biggest since SBI Cards and Payment Services' INR 10,341-crore IPO in March 2020. The IPO is reportedly the second-largest one after the INR 15,199.44 crore Coal India share sale in 2010.
Zomato's IPO was one of the most awaited events in India's startup ecosystem as the food giant is the first large startup to go public. This has also paved the way for IPOs of many leading startups such as Delhivery, Paytm and Nykaa which are slated to hit the markets soon.
"The future looks exciting. I don't know whether we will succeed or fail – we will surely, like always, give it our best," said Deepinder Goyal, CEO, Zomato in a tweet.
In a letter "Letter from Deepi" to shareholders earlier, Goyal called the listing a new day zero for Zomato. "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 said.