Ashutosh Joshi, Bloomberg News A Zomato Ltd. delivery rider in Mumbai, India, on Friday, July 16, 2021. Zomato $1.3 billion initial public offering was fully subscribed on the first day of sale, after anchor funds including BlackRock Inc. bid for 35 times more stock than was offered to them. , Bloomberg
(Bloomberg) Indian online food-delivery and restaurant platform Zomato Ltd. surged in its trading debut, setting the stage for a plethora of unicorns to follow the service with initial public offerings.
The shares jumped as much as 83% and traded at 136.90 rupees as of 10:11 a.m. in Mumbai Friday, compared with the IPO price of 76 rupees. Zomato raised $1.3 billion from investors including Morgan Stanley and Fidelity Investments in the share sale last week.