Published on 14 Jul 2021 on Bloomberg via Yahoo Finance
Zomato’s $1.3 Billion IPO Fully Sold as Indian Unicorns Line Up
(Bloomberg) -- Zomato Ltd.’s $1.3 billion initial public offering was fully subscribed on the first day, a vote of confidence for a market where a cluster of homegrown startups are preparing to go public.
Zomato, an online food delivery platform, got bids for about 749 million shares against 719.2 million shares on offer. Its IPO is set to be India’s biggest since March 2020, according to data compiled by Bloomberg, and the largest sale was 40% subscribed on its first day.
“Startups that are big enough and mature have outgrown the venture capital and private equity funds’ ability to invest,” said Manisha Girotra, country head for Moelis & Co. “These companies which need larger pool of capital to grow are the ones readying to go to the public market.”