Zomato, the largest food delivery joint, has debuted in stellar listing with a premium of more than 50 percent on July 23, making it the 13th IPO since 2020 to record listing gains of more than 50 percent in the opening tick.
Earlier in the day, the stock was opened at Rs 116 on the NSE, a 52.63 percent premium to its final offer price of Rs 76. The listing price on the Bombay Stock Exchange was at Rs 115, up 51.32 percent.
Today, at 12.30 pm IST, Zomato had hit an intraday high of Rs 138 that pushed its market capitalization to more than Rs 100,000-crore, making it the 46th stock in the list of 50 most valued counters. The other names that have an m-cap of Rs 100,000 crore-Rs 200,000 crores include IOC, Tata Motors, Shree Cements, Dabur, Tech Mahindra, and Bajaj Auto.
The startup briefly has reached the market cap of some prominent Nifty50 names like IOC and Tata Motors but cooled off towards the mid-morning trade.
Kapil Goenka the Director of CM Goenka Stock Brokers on Zomatao’s IPO stated that “One of the most awaited and much-talked-about initial public offering (IPO) in recent times. At a fantastic market capitalization of over 1 lakh crore, Zomato is backed by Sanjiv Bhikchandani-led Info Edge India Group. The IPO made a fantastic entry, with a bumper listing up by 73 percent.”
The current NSE live is at 125.10 raise 49.10 (64.61%).