The company is going to use the funds from the Zomato IPO to fund its organic and inorganic growth initiatives
On Friday, 16 July, the Zomato IPO closed for the subscription. On its last day, the IPO was subscribed 38.25 times. Against the IPO size of 71.92 crore equity shares, it received bids for 27,51,25,18,020 equity shares.
The portion for retail investors was subscribed 7.45 times while that reserved for qualified institutional buyers was subscribed 51.79 times. The Non-Institutional Investors (NII) have subscribed for 32.96 percent of the reserved portion, according to the data on the BSE website.
The portion reserved for employees was subscribed 0.62 times.
A subscriber could bid for a maximum of 13 lots with the size of 195 each. The IPO received a subscribe rating from several analysts. The Zomato IPO has a fixed price band of Rs 72 to Rs 76.
The company is going to use the funds from the Zomato IPO to fund its organic and inorganic growth initiatives. The proceeds will also be used for general corporate purposes.
Initially, the size of the Zomato IPO was Rs 9,375 crore. However, it was reduced to Rs 5,178.49 crore after the company raised Rs 4,196.51 crore on 13 July, a day before the IPO opened for subscription. Zomato was able to raise the money from its 186 anchor investors which reduced the IPO size.
The IPO includes fresh equity shares and an offer for sale. Info Edge (India), an investor of Zomato put an OFS of Rs 375 crore.