Zomato Raises ₹ 4,196 Crore From Anchor Investors; IPO Gets Underway
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1. Zomato Raises ₹ 4,196 Crore From Anchor Investors; IPO Gets Underway
Zomato has raised more than ₹ 4,196 crores from anchor investors ahead of the initial public offering (IPO), which opened for bidding today. The food delivery service provider raised the money from 186 anchor investors, including New World Fund In American Funds, Tiger Global Investments Fund, BlackRock Global, Lansforsakringar Asienfond, JPMorgan, Morgan Stanley Investment Fund, T Rowe Price, and Canada Pension Plan Investment Board. Zomato plans to raise ₹ 9,375 crores through the public offering, which will remain open for three days until July 14.
Zomato's IPO consists of a fresh issue of ₹ 9,000 crores and an offer for sale of ₹ 375 crores by the promoter, Info Edge India. Zomato has fixed the price band of the primary market offering at ₹ 72-76 per share. Retail investors can bid for one lot of 195 shares, extending up to a maximum of 13 lots.
Zomato's share sale was subscribed as much as 36 percent by 1:15 pm on the first day of the issue, data from the National Stock Exchange showed. The shares were in high demand among retail investors; the portion reserved for them was oversubscribed within hours of opening. However, the IPO witnessed tepid demand from qualified institutional buyers and non-institutional investors.
