Zomato IPO subscribed 36% in early hours

The initial public offering of food delivery platform Zomato opened on Wednesday, with more than 36% of shares offered being subscribed in the initial hours.

The offer got bids for 26.10 crore value shares against an IPO size of 71.92 crore, stock trade data showed.

Retail investors looked for 1.91 times the portion reserved for them. Against 12.95 crore shares saved for retail individual investors, 24.76 crore shares were offered by 13.30 hours.

Non-institutional investors put in offers for 7% against their reserved portion.

The portion set aside for employees was bought in 6%, while qualified institutional buyers have placed in bid for 2.69 lakh value shares against their reserved portion of 38.88 crore value shares.

Offers in the IPO, which is the greatest in India this year, are being offered in a value band of ₹72-76 for every offer.

Zomato has already mobilized ₹4,196.51 crore from 186 anchor investors on July 13, a day prior to the issue opening. The IPO size has been reduced to ₹5,178.49 crore from ₹9,375 crore prior.