Zomato IPO subscribed 4.79 times on day 2; offering to remain open till 16 July

On its second day of bidding, the initial public offering (IPO) of food delivery company Zomato was subscribed 4.79 times on Thursday, 15 July. Against the IPO size of 71.92 crore equity shares, the Zomato IPO 344.55 crore equity shares. The lot size of Zomato IPO is 195 and a subscriber can bid for a maximum of 13 lots. Retail investors have subscribed their portion 4.72 times while qualified institutional buyers have subscribed 7.06 times of their portion while the Non-Institutional Investors (NII) have subscribed for 45 percent of the reserved portion, Moneycontrol reported. The portion for employees was subscribed 36 percent. Zomato IPO will remain open for subscription till Friday, 16 July. It has received a subscribe rating from many analysts. The IPO size has been reduced from 9,375 crore to Rs 5,178.49 crore. On 13 July, the company raised Rs 4,196.51 crore from 186 anchor investors thus reducing the size of the IPO. The fixed price band of the Zomato IPO is Rs 72 to Rs 76. The proceeds raised from the Zomato IPO are going to be used to fund the organic and inorganic growth initiatives of the company along with general corporate purposes. Zomato IPO is a combination of fresh equity shares and an offer for sale. Investor of the company Info Edge (India) has put an OFS worth Rs 375 crore.