Zomato market cap crosses Coal India, M&M on debut

MUMBAI: Exactly 30 years after IT services major Infosys was listed on the domestic bourses, food delivery services pioneer Zomato enjoyed a hugely successful listing, which is being hailed as a tribute to Indian entrepreneurship.

Zomato witnessed a stellar listing on Friday as the stock jumped over 53% over its IPO price of Rs 76 on debut to quote at Rs 115. After hitting an intra-day high of Rs 138 on the BSE, the stock finally closed at Rs 126, giving the company a market valuation of Rs 98,732 crore, ahead of traditional giants like Tata Motors, M&M and Coal India.

Zomato’s strong debut also proved a lot of Dalal Street pundits and doubters wrong who had questioned the new-age company’s pre-IPO valuation of Rs 60,000 crore.