Zomato IPO subscribed 1.05 times at first day close 

Food tech unicorn Zomato’s initial public offering opened on Wednesday on the BSE, marking the first ever unicorn IPO from India. The bidding process will last till Friday and involve a total of 719,233,522 shares, of which 129,558,333 shares are being offered to retail individual investors, 388,837,690 shares to qualified institutional buyers, and 194,337,499 shares to non-institutional investors.

The total size of the IPO is about Rs 9,375 crore which includes a fresh share sale worth Rs 9,000 crore. Early investor and Naukri parent Info Edge will sell shares worth Rs 375 crore in the offering.

IPO Timeline

IPO subscribed 1.05 times at first day close 

The public issue of Zomato shares has been subscribed 1.05 times at the close of the first day of bidding. It received bids for 756,003,885 shares against an offer size of 719,233,522 shares, according to stock exchange data. 

The portion for retail investors was subscribed 2.7 times as it received 348,896,340 bids against an offer size of 129,558,333 shares. Quota for qualified institutional buyers was covered 98%, non-institutional investors portion was subscribed 13%, and the portion reserved for employees saw nearly 18% subscription. 

03:30 PM, Wednesday 

IPO sees good momentum, 57% subscribed so far

The offering is going strong as the day progresses. The public issue has been subscribed nearly 57% as retail investors continue to flock to the IPO. It has received bids for 40,89,07,005 shares against an offer size of 719,233,522 shares, according to stock exchange data.  

As of now, the retail portion has witnessed 311,320,425 bids which means a subscription of about 2.4 times. Shares reserved for employees and non-institutional investors (NII) have been subscribed 0.09 times while qualified institutional buyers (QIB) subscription stands at 0.2 times. 

12:35 PM, Wednesday

IPO subscribed 29% 

The public issue has seen a 29% subscription so far, as it has received bids for 208,110,045 shares against an offer size of 719,233,522 shares, according to stock exchange data. 

Retail investor portion has been subscribed 1.44 times. NII subscription stands at 0.05 times so far while QIBs have not participated in the issue so far. 

Tuesday

Zomato raises $562 mn from IPO anchor investors

Zomato raised Rs 4,196.52 crore ($562.3 million) from 186 anchor investors by allotting a little over 55.2 crore shares at the upper end of the price band, according to a stock exchange filing.

US-based asset manager Capital Group emerged as the largest anchor that subscribed to 3.91% of the aggregate portion for Rs 164 crore.  Financial investors Tiger Global Management, Bailley Glifford Pacific Fund, and Morgan Stanley Investment Funds invested over Rs 100 crore each.

Over a third of the total anchor investor shares were subscribed to by as many as 19 domestic asset managers including SBI, Axis, Aditya Birla, Kotak, Nippon Life, Mirae, UTI, Motilal Oswal, Franklin India, HDFC, ICICI, IIFL, IDFC, Sundaram, Tata, Edelweiss, HSBC, and Principal.

Mutual funds invested through a total of 74 schemes and fetched Zomato close to Rs 1,400 crore. 

Canada Pension Plan Investment Board (CPPIB) and government of Singapore subscribed to 2.99% and 2.3% of the anchor portion and invested Rs 125.3 crore and Rs 96.61 crore, respectively. Abu Dhabi Investment Authority also participated.  

Morgan Stanley Asia (Singapore) PTE – ODI invested Rs 143.82 crore in the issue. Goldman Sachs, BNP Paribas, Fidelity Investments and Societe Generale also took part in the issue.  

Private equity firms including Steadview Capital, T Rowe Price, and Blackrock also invested.