Zomato IPO subscribed 38 times, generates demand worth over Rs 2 trillion

Food delivery start-up Zomato’s initial public offering (IPO), the first by an Indian unicorn, drew bids worth Rs 2 trillion as it was subscribed more than 38 times on Friday.

Zomato received bids for 27.5 billion shares against the 719 million on offer. Nearly three-fourths of the bids came from institutional investors, with the qualified institutional buyer (QIB) portion garnering 52 times subscription. Investment bankers said several investors didn’t get adequate allotment in the anchor book and the demand spilled over into the IPO.

The high net-worth individual (HNI) portion was subscribed nearly 33 times, and the retail portion by over seven times. The employee portion of the IPO remained undersubscribed at 0.6 times.