Investors devour Zomato shares as IPO kicks off

Retail investors snapped up shares of Zomato Ltd on the first day of its much-awaited initial public offering, maintaining their enthusiasm for the primary market manifest in every IPO of the year.

Within minutes of opening, the retail segment of the Zomato IPO was fully subscribed, and by the end of the day, small investors had bid for 2.85 times the number of shares on offer.

At the upper end of the ₹72-76 price band, the IPO drew retail bids worth roughly ₹2,655 crore. Retail investors were also enthused by the previous day’s ₹4,196 crore anchor investment, where marquee investors were allotted 552.17 million shares at ₹76 each.