Food company Zomato was listed on the stock market. It earned a lot on the very first day. Therefore, the market value of the company has become Rs 98,732 crore.
Zomato’s IPO made a lot of money
Food delivery company Zomato has created a tremendous record by launching its IPO in the market. After the listing, the company’s stock performed tremendously on Friday. It got listed with a premium of 53 per cent and went up to Rs 115 from the IPO price of Rs 76. It closed at Rs 126 on the Bombay Stock Exchange (BSE). The company earned a bumper, due to which its market value became Rs 98,732 crore. In terms of earnings, Zomato has overtaken even giant companies such as Tata Motor, Mahindra & Mahindra and Coal India.
The valuation of Zomato’s IPO was estimated by experts to be around Rs 60,000 crore. But the IPO received 38 times more bids, which surprised everyone. The success of Zomato will give new age tech companies the confidence to go public with their merchant bankers.
Other companies are also in line
Digital payment solutions companies PayTM and Mobikwik, online auto classifieds company CarTrade and e-commerce logistics startup Delhivery have already applied for the IPO. There are many other tech-enabled companies that are in their final stages of PE-driven development, for which Zomato is a kind of testing company. Zomato has become one of the top 50 most valuable companies in India with a market valuation of around $13.3 billion. However, it is still behind at the global level.
will benefit from technology
According to a TOI report, S Ramesh, MD and CEO, Kotak Mahindra Capital Company, says that Zomato’s strong presence in the market proves that investors today want to place their bets on the new age technology company. He said that the way internet penetration is increasing and the way people are getting smartphones month after month, a new digital environment for wealth creation is being created and this will further strengthen our capital market in the coming days. will strengthen
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