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The app of Indian food delivery company Zomato is seen on a mobile phone above its logo displayed in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration
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MUMBAI, July 16 (Reuters) - A stock offering by Indian food delivery startup Zomato drew bids worth $46.3 billion as it was more than 38 times oversubscribed on Friday, signalling investors were bullish about the fast-growing sector.
The $1.3 billion IPO of Zomato, which is backed by China s Ant Group (688688.SS), was the first in India s food delivery sector. Itwas priced at 72 to 76 rupees per share, giving it a valuation of up to $7.98 billion. read more
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Zomato IPO: Investors Lap Up Stock Offering With Bids of $46 Billion, Got Oversubscribed 38 Times in a Day
Zomato IPO: Investors Lap Up Stock Offering With Bids of $46 Billion, Got Oversubscribed 38 Times in a Day
Zomato IPO was priced at Rs. 72 to Rs. 76 per share. By Reuters | Updated: 17 July 2021 10:47 IST
Investors are placing bets on Zomato despite rising costs and losses
Highlights
Investors are bullish about the fast-growing sector
Zomato s valuation was up to $7.98 billion (roughly Rs. 59,780 crores)
A stock offering by food delivery startup Zomato drew bids worth $46.3 billion (roughly Rs. 3.46 lakh crores) as it was more than 38 times oversubscribed on Friday, signalling investors were bullish about the fast-growing sector.
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