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Zomato IPO to give boost to other tech companies in India: Infosys CEO Salil Parekh

The Rs 9,375-crore IPO of Zomato opened on Wednesday, and was fully subscribed on the first day, receiving bids for 75.64 crore shares against 71.92 crore shares on offer.

Parekh was addressing the media after the announcement of Infosys' April-June quarter results. Parekh was addressing the media after the announcement of Infosys' April-June quarter results.

Welcoming the ongoing initial public offering (IPO) of food ordering and delivery platform Zomato, Infosys CEO Salil Parekh on Wednesday said the success of the IPO will give a boost to tech companies in the country.
 
"It is incredible to see the success of all of these companies, many of them that are based on technology and in the way that they leverage it in the digital ecosystem. I think it is going to give a lot of boost to all tech businesses within the country and also innovation over the years increasingly coming from India," MoneyControl quoted Parekh as saying on Zomato's IPO.
 
Parekh was addressing the media after the announcement of the IT major's April-June quarter results. Wishing all the best to companies building new things, Parekh said Infosys will be ready to support them on technology.
 
Infosys reported a net profit of Rs 5,195 crore for April-June quarter, 2.3 per cent higher than Rs 5,076 crore profit recorded in Q4 FY21. On a year-on-year basis, the consolidated net profit rose 22.7 per cent from Rs 4,233 crore in April-June 2020.

Also Read: Zomato IPO fully subscribed on Day 1, retail portion booked over two times
 
The Rs 9,375-crore IPO of Zomato opened on Wednesday. The IPO, which is among the largest in terms of issue size, will close on July 16. It was fully subscribed on the first day, with the issue receiving bids for 75.64 crore shares against 71.92 crore shares on offer.
 
The portion allocated for retail investors was subscribed 2.69 times, while non-institutional investors put in bids for 13 per cent against their reserved portion. The portion reserved for employees was subscribed 18 per cent and that of qualified institutional buyers 98 per cent.
 
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. The company raised Rs 4,196.51 crore from 186 anchor investors on July 13.
 
There has been a flurry of IPOs in the Indian market recently, with many new-age companies planning to go public. While Paytm is planning its IPO this year, digital payment firm Mobikwik has also filed draft papers with SEBI for Rs 1,900-crore IPO.