<p>Food delivery platform Zomato's initial public offering was oversubscribed on the opening day on Wednesday with retail investors bidding for 2.7 times the number of shares reserved for them.</p>.<p>The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed.</p>.<p>Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid by 1700 hours.</p>.<p>Non-institutional investors put in bids for 13 per cent against their reserved portion, while 38.88 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed.</p>.<p><strong>Read: <a href="https://www.deccanherald.com/business/business-news/zomato-eyes-grocery-rollout-invests-rs-745-crore-in-grofers-1006819.html">Zomato eyes grocery rollout, invests Rs 745 crore in Grofers</a></strong></p>.<p>Of the 38.09 crore shares sought by QIBs, over 36.84 crore was by foreign institutional investors (FIIs).</p>.<p>The portion set aside for employees has been subscribed 18 per cent.</p>.<p>The IPO, the biggest in India this year, is open for subscription till Friday in a price band of Rs 72-76 per share.</p>.<p>Zomato has already mobilised Rs 4,196.51 crore from 186 anchor investors on July 13, a day before the issue opened. The IPO size has been reduced to Rs 5,178.49 crore from Rs 9,375 crore earlier.</p>.<p>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.</p>.<p>The IPO, which will give Zomato a valuation of Rs 64,365 crore, is being touted as the second-biggest since SBI Cards and Payment Services' Rs 10,341 crore issue in March 2020. It will surpass Indian Railway Finance Corp offering in January.</p>.<p>As the IPO opened, the anxiety was reflected in tweets by Deepinder Goyal, the founder of the food delivery app.</p>.<p>"Just ordered a triple breakfast @zomato. Stress eating," he tweeted.</p>.<p>That was an hour after his first tweet - no words with just a smiley. His tweet got instant reactions.</p>.<p>While the company's food delivery head Rahul Ganjoo seconded his feeling, Paytm founder Vijay Shekhar Sharma said, "Make it large Deepi ! Best wishes for superb listing. Rooting for you man."</p>.<p>Paytm too is hitting the market with a public offer in a couple of weeks.</p>.<p>"All the best Deep. And I order too much on Zomato.... Way too much!" - wrote Radhika Gupta, CEO, Edelweiss Asset Management Limited.</p>.<p>Post-IPO, the valuation of Zomato will be more than the combined market capitalisation of five listed fast food and restaurant companies - Jubilant FoodWorks (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.</p>.<p>The Zomato IPO comprises a fresh issue of equity shares worth Rs 9,000 crore and an offer-for-sale (OFS) worth Rs 375 crore by existing investor Info Edge (India), which is the parent company of Naukri.com, according to the information provided in the draft red herring prospectus.</p>.<p>Sanjeev Bikhchandani, the founder of Info Edge, posted a Zomato hall of fame that had pictures of the company's alumni as well as that of three executives, including Goyal, who had completed 10 years at the firm.</p>.<p>"At the Zomato office," tweet of Bikhchandani was instantly appreciated by Paytm's Sharma.</p>.<p>"I am gonna copy this idea! It's so good," Sharma tweeted.</p>.<p>The restaurant aggregator has said it will utilise the net proceeds from the fresh issue for funding organic and inorganic growth initiatives (Rs 6,750 crore) and general corporate purposes.</p>.<p>Incorporated in 2008, Zomato is present in 525 cities in India, with 3,89,932 active restaurant listings along with a presence in 23 countries outside India.</p>
<p>Food delivery platform Zomato's initial public offering was oversubscribed on the opening day on Wednesday with retail investors bidding for 2.7 times the number of shares reserved for them.</p>.<p>The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed.</p>.<p>Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid by 1700 hours.</p>.<p>Non-institutional investors put in bids for 13 per cent against their reserved portion, while 38.88 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed.</p>.<p><strong>Read: <a href="https://www.deccanherald.com/business/business-news/zomato-eyes-grocery-rollout-invests-rs-745-crore-in-grofers-1006819.html">Zomato eyes grocery rollout, invests Rs 745 crore in Grofers</a></strong></p>.<p>Of the 38.09 crore shares sought by QIBs, over 36.84 crore was by foreign institutional investors (FIIs).</p>.<p>The portion set aside for employees has been subscribed 18 per cent.</p>.<p>The IPO, the biggest in India this year, is open for subscription till Friday in a price band of Rs 72-76 per share.</p>.<p>Zomato has already mobilised Rs 4,196.51 crore from 186 anchor investors on July 13, a day before the issue opened. The IPO size has been reduced to Rs 5,178.49 crore from Rs 9,375 crore earlier.</p>.<p>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.</p>.<p>The IPO, which will give Zomato a valuation of Rs 64,365 crore, is being touted as the second-biggest since SBI Cards and Payment Services' Rs 10,341 crore issue in March 2020. It will surpass Indian Railway Finance Corp offering in January.</p>.<p>As the IPO opened, the anxiety was reflected in tweets by Deepinder Goyal, the founder of the food delivery app.</p>.<p>"Just ordered a triple breakfast @zomato. Stress eating," he tweeted.</p>.<p>That was an hour after his first tweet - no words with just a smiley. His tweet got instant reactions.</p>.<p>While the company's food delivery head Rahul Ganjoo seconded his feeling, Paytm founder Vijay Shekhar Sharma said, "Make it large Deepi ! Best wishes for superb listing. Rooting for you man."</p>.<p>Paytm too is hitting the market with a public offer in a couple of weeks.</p>.<p>"All the best Deep. And I order too much on Zomato.... Way too much!" - wrote Radhika Gupta, CEO, Edelweiss Asset Management Limited.</p>.<p>Post-IPO, the valuation of Zomato will be more than the combined market capitalisation of five listed fast food and restaurant companies - Jubilant FoodWorks (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.</p>.<p>The Zomato IPO comprises a fresh issue of equity shares worth Rs 9,000 crore and an offer-for-sale (OFS) worth Rs 375 crore by existing investor Info Edge (India), which is the parent company of Naukri.com, according to the information provided in the draft red herring prospectus.</p>.<p>Sanjeev Bikhchandani, the founder of Info Edge, posted a Zomato hall of fame that had pictures of the company's alumni as well as that of three executives, including Goyal, who had completed 10 years at the firm.</p>.<p>"At the Zomato office," tweet of Bikhchandani was instantly appreciated by Paytm's Sharma.</p>.<p>"I am gonna copy this idea! It's so good," Sharma tweeted.</p>.<p>The restaurant aggregator has said it will utilise the net proceeds from the fresh issue for funding organic and inorganic growth initiatives (Rs 6,750 crore) and general corporate purposes.</p>.<p>Incorporated in 2008, Zomato is present in 525 cities in India, with 3,89,932 active restaurant listings along with a presence in 23 countries outside India.</p>