Resurfacing a July 2021 Move: Zomato's ₹9,375 Cr IPO Oversubscribed 1.05x on Day 1, Retail Investors Lead Demand
Back in July 2021, Zomato's IPO drew 1.05x overall subscription on day one, with retail investors bidding 1.29x and employees 24%, while QIBs lagged at 0.02x. The ₹72–76 price band valued the food-delivery major at $8.6B ahead of its July 27 BSE/NSE listing.
What happened
Zomato's ₹9,375 crore IPO subscribed 1.05x on day one, led by retail investors, ahead of its July 27 listing on BSE/NSE.
Key facts
- ₹9,375 crore IPO
- 1.05x subscribed day 1
- retail 1.29x
- NII 71%
- employees 24%
- QIB 0.02x
- ₹9,000 crore fresh issue
- ₹375 crore OFS
- ₹72–76 price band
- $8.6 billion valuation
- FY21 net loss ₹816.4 crore
- revenue ₹1,993.8 crore
Why this matters
The tepid institutional uptake at an $8.6B valuation offers a read on how public markets are pricing food-delivery economics, a useful benchmark for future sector M&A and funding rounds.
What to watch
- QIB subscription crossing 1x before book closes
- Overall subscription exceeding 10x by final day
- GMP moving beyond ₹20-30 premium to upper band
- SEBI or exchange commentary on retail investor risk in loss-making tech IPOs
- Listing-day price action relative to ₹76 upper band
- Track QIB subscription numbers on Day 2 and Day 3 (July 15-16) as the key swing indicator
- Monitor grey market premium (GMP) trends daily leading into July 27 listing
- Watch anchor investor lock-in behavior and any anchor-to-QIB crossover commentary
- Compare final subscription multiple against SEBI's institutional demand benchmarks for tech IPOs
- Prepare listing-day desk coverage for potential 50%+ pop scenario and volume surge