BUSINESS
Bids have been received for over 119 crore against the offered 71.92 crore equity shares.
The initial public offering (IPO) of online food delivery platform Zomato, which went live on July 14, has been subscribed 1.6 times so far. This is the largest IPO of the year and received a 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.
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.
Zomato IPO 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.