Goenka’s latest swipe at Zomato fuels debate on bumper IPO despite losses

As RPG Enterprises Chairman Harsh Goenka again took to Twitter to take a swipe at Zomato’s mega IPO despite the platform running into losses, an online debate has erupted over the issue of loss-making entities garnering such huge interest and investments while going public.

The much-anticipated initial public offering (IPO) of Zomato was subscribed over 38 times by the end of the final day of the issue on Friday.

According to data on the BSE website, qualified institutional buyers (QIB) subscribed 51.79 times of their earmarked portion. The portion of the non-institutional investors was subscribed 32.96 times.

Further, retail investors subscribed 7.45 times of the portion allocated to them. The portion reserved for employees was subscribed 0.62 times.