The maiden IPO of online food delivery company Zomato ‘s $1.3 billion initial public offering was fully subscribed on the first day, a vote of confidence for the startup from the investment / stock market setting a huge enthusiasm and inspiration for other startups readying for IPO.
Zomato IPO, according to latest market reports, got bids for about 749 million shares against 719.2 million shares on offer. Its IPO is set to be India’s largest 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.”
