India’s Food service platform Zomato has gone on sale in its $1.2bn (£870m) initial public offering (IPO).
The food delivery app has subscribed 1.26 times on July 15 by far, the second day of bidding. The offer has received bids almost around 90.57 crore equity shares against IPO size of 71.92 crore equity shares, the subscription data available on the exchanges showed.
Ahead of its opening, The app Zomato had already allotted shares worth $562.3m to 200 domestic and foreign investors.
A specific data showed that Demand from retail investors has been strong, Investors had subscribed to about 29% of the shares on Wednesday.
The list of investors included international private equity firms such as BlackRock, Tiger Global and few banks such as HDFC, ICICI, State Bank of India and Kotak.
Recently Internet-based consumer companies have become more popular as COVID-19 fuelled the adoption of digital technologies.
About Zomato
It is a multinational food delivery company based in India, it provides information, menus and user-reviews of restaurants as well as food delivery options from partner restaurants in select cities.
In the Year 2019 the service was made available in 24 countries and more than 10,000 cities.
Zomato announced plans to launch Zomato Infrastructure services, a service that will help restaurants expand their presence without incurring any fixed costs.
In September 2017, Zomato claimed the company had “turned profitable” in all 24 countries where it operated and introduced a “zero-commission model” for partner restaurants.
