Zomato's stock fell more than 11 percent. As soon as lock-in period of the company's pre IPO investors ended, 613 crore shares were sold in a flash!
In just two days, Zomato shares have wiped out nearly Rs 12,000 crore of investors' wealth.
Zomato with first-mover advantage is placed in a sweet spot as the online food delivery market is at the cusp of evolution.
Zomato with first-mover advantage is placed in a sweet spot as the online food delivery market is at the cusp of evolution
The public offer received bids for over 2,199 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed
Deepak Shenoy, founder and chief executive, Capitalmind told Money9 that retail investors should avoid IPOs
Zomato is aiming to raise Rs 9,375 crore through an initial share sale which will conclude on July 19
The IPO proceeds are to be utilised for organic growth, merger and acquisition and other general corporate purposes
Zomato's valuation post-IPO on a fully-diluted basis will be Rs 64,365 crore, far more than the other listed companies in the food segment