Zomato enters India Inc's top 50 with Rs 98,000 crore IPO valuation

Good morning,


With the ringing of the bell by its customers, delivery partners, and restaurant partners, Zomato became the first Indian unicorn to get listed on the stock exchanges.


Zomato opened at Rs 116 per share on the National Stock Exchange (NSE) and rose rapidly to a level of Rs 138, before closing at Rs 125. The foodtech giant exceeded all expectations on day one with a 66 percent rise in share price and a market capitalisation of little more than Rs 98,000 crore ($13 billion approximately). 


This makes Zomato one of India's top 50 companies by market capitalisation, and as of Friday's closing price, it was more valuable than 76-year-old automotive major Tata Motors. 


Earlier in the day, the company’s market capitalisation actually crossed Rs 1 lakh crore, with over 40 crore shares being traded.

zomato

Image source: Shutterstock

The listing followed a strong response to Zomato's initial public offering (IPO) from investors last week, which was subscribed 44 times across all categories. 


Zomato's stellar debut on the stock markets comes on the back of CEO Deepinder Goyal's hunger to solve consumer problems at scale. An entrepreneur, he now leads a company that caters to an average 32 million monthly active users with nearly 7 million monthly transacting users.


The IPO of the foodtech giant heralds a new era for Indian startup-tech IPOs and for India’s growing foodtech industry. 



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Startup Spotlight

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With the pandemic putting curbs on international travel and eating out, several high-end customers generated a pent-up demand for avant-garde food and beverages.


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News & Updates







Before you go, stay inspired with… 

Deepinder Goyal Zomato IPO
“They say it takes a village to raise a child, and we are no exception. Hundreds of people have selflessly played a part in making Zomato what it is today.”

Deepinder Goyal, Co-founder and CEO, Zomato



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Edited by Kanishk Singh



Link : https://yourstory.com/2021/07/zomato-ipo-stock-market-share-price-deepinder-goyal
Author :- Kanishk Singh ( )
July 24, 2021 at 06:00AM
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