Food delivery and restaurant discovery platform Zomato may advance its listing date on the stock market. Though the final listing date was earlier set as July 27, Zomato is expected to advance it to as early as July 23 or July 26.
The allotment price for Zomato share has reportedly been fixed at Rs 76 apiece. The Deepinder Goyal-led start-up aims to raise $1.26 billion in its initial public offering.
"The listing may be as early as Friday...however, there are multiple processes which are yet to be closed," a source told The Economic Times.
The initial public offering (IPO) of Zomato was subscribed 40.38 times last week. It generated a demand of Rs 2.13 lakh crore, thus making it the third-highest in the Indian capital market history, the daily added.
The IPO of the popular food delivery company -- which opened on July 14 and closed on July 16 -- was fully subscribed on the first day (July 14) itself when it received bids for 75.64 crore shares against 71.92 crore shares on offer.
Zomato raised Rs 4,196.51 crore from a record 186 anchor investors on July 13. The company allocated 55.22 crore equity shares to anchor investors for Rs 76 apiece. Tiger Global, BlackRock, New World Fund, Axis Mutual Fund, SBI MF, and HDFC MF received some of the allotment. The funds raised through anchor investors were almost 45 per cent of the size of the total issue.
The Zomato IPO is one of the largest public offerings in recent times. 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.
The IPO, which will give Zomato a valuation of Rs 64,365 crore, is being referred to as the second-biggest since SBI Cards and Payment Services' Rs 10,341-crore issue in March 2020.
Post-IPO, the valuation of Zomato will be more than the combined market capitalisation of five listed fast food and restaurant companies -- Jubilant FoodWorks Ltd (the master franchisee for Domino's Pizza in India, Burger King India), fast food restaurant holding company Westlife Development Ltd, Barbeque-Nation Hospitality and Speciality Restaurants.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today