New Delhi. Zomato Shares closed with a gain of nearly 66 per cent in the first trading day on Friday against the issue price of Rs 76. According to the share price, the market valuation of the company reached above one lakh crore rupees at the time. Shares of Zomato were listed on the BSE at a price of Rs 115 per share, up 51.31 per cent against the issue price. Later the shares rose 81.57 percent to the level of Rs 138. The stock finally closed at Rs 125.85, up 65.59 percent.
The shares were listed at Rs 116 with a premium of 52.63 per cent on the NSE and closed at Rs 125.30, up 64.86 per cent at the end of trading. Last week, Zomato’s initial public offering (IPO) was subscribed 38 times. With this boom, the market capitalization of Zomato increased to over Rs 1 lakh crore on the BSE. The company’s market capitalization at the end of business was Rs 98,731.59 crore. Kanli founder and CEO Deepinder Goyal said in the day that it is a “huge day” for the company. He called it “a new beginning”.
Goyal said in a blog post earlier in the day, “Today is a big day for us. A New Beginning. We could not have been here without the incredible efforts of the entire internet ecosystem of India.” He said in a blog titled ‘Letter from Deep’ that he firmly believes in India and the future of this country.
Goyal added, “India is a difficult market to operate in, but if you are striving to be successful here, you are already something special.”
Sneha Poddar, Research Analyst, Motilal Oswal Financial Services Ltd, said despite the large size of the IPO, it was subscribed 38x and is a one-of-its-kind listing in the market. During the day’s trading, 451.71 lakh shares of Zomato were traded on the BSE and over 69.48 crore shares in the NSE. Zomato was formed in 2008. Presently, the company is distributing parcels of ready meals in restaurants in 525 cities of the country. The company has networks in 23 other countries. About 3.90 lakh active restaurants are associated with it.