Info Edge shares drops by around 5 percent ahead of Zomato IPO

Info Edge possesses a stake of around 18.55 percent in Zomato. 

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Ahead of Zomato’s IPO, Info Edge shares drop by nearly 5 percent. Info Edge possesses a stake of around 18.55 percent in Zomato.

The shares of Info Edge declined following three days of consecutive gain.

Info Edge stock witnessed an intraday low of Rs 5,138.15, declining by 4.85 against the previous close of Rs 5,400.25 on BSE.

The shares trade higher than 20-day, 50-day, 100-day, and 200-day moving averages. However, lower than the 5-day moving average. The company’s share has obtained 82 percent in one year and has increased by 8.17 percent since the beginning of the present year.

Zomato IPO will conclude on July 16. The price band of the IPO has been set at Rs 72-76 per share. As per reports, the allotment of shares will proceed on June 22. The stock is expected to be listed on BSE and NSE on July 27.

Zomato looks forward to gaining Rs 9,750 through its Initial Public Offering. The Zomato IPO is considered to be one of the largest public offerings in recent times.

According to reports, the lot size of Zomato IPO is 195 shares for which an investor is required to spend Rs 14, 820. A retail investor can apply for 13 lots (2,535 shares) by expending around Rs 192,660. The company aims at a valuation of almost $8.5 billion through its IPO.

In accordance with a report cited in ‘Moneycontrol’, the food delivery app will gather half of its issue size estimated around $560 million from the institutional investors at the upper end of the price band of Rs 76 per share. The report further stated that over 100 end investors will be given shares as a part of the anchor book for IPO.

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