Zomato IPO
Zomato Limited (ZOMATO) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 23 July 2021.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +10.5% (likely range -5% to +22%), day's high +19.7%, chance of a gain 92%. Actual: +52.6% at the open, +82.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 38,88,37,690 | 20,13,78,57,285 | 51.8x | |
| NII (HNI) total | 19,43,37,499 | 6,40,56,23,250 | 33.0x | |
| Retail | 12,95,58,333 | 96,52,46,490 | 7.45x | |
| Employees | 65,00,000 | 40,50,345 | 0.62x | |
| Total | 71,92,33,522 | 27,51,27,77,370 | 38.3x |
Bids on NSE and BSE together, as published by NSE, as of 16 Jul 2021, 05:00 PM. Shares offered exclude the anchor portion. 3% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Zomato's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Home First Finance Company IndiaJan 2021 | 52.5x | 39.0x | 6.59x | 26.7x | ₹1,156 Cr | +19.5% | +23.6% |
| India PesticidesJun 2021 | 42.9x | 51.9x | 11.3x | 29.0x | ₹817 Cr | +18.2% | +24.3% |
| RailTel Corporation of IndiaFeb 2021 | 65.1x | 73.3x | 16.8x | 42.4x | ₹820 Cr | +16.0% | +36.0% |
| Polycab IndiaApr 2019 | 92.4x | 110x | 4.65x | 52.0x | ₹1,353 Cr | +17.7% | +24.1% |
| Dodla DairyJun 2021 | 84.9x | 73.3x | 11.3x | 45.6x | ₹520 Cr | +28.5% | +52.3% |
| AU Small Finance BankJun 2017 | 78.8x | 144x | 3.52x | 53.6x | ₹1,913 Cr | +48.0% | +52.8% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| Morgan Stanley India Company | 24 | +13.9% | 67% |
| Credit Suisse Securities (India) | 11 | +15.6% | 82% |
| BofA Securities India | 18 | +30.6% | 72% |
| Citigroup Global Markets India | 35 | +14.2% | 63% |
Offer documents (NSE)
Frequently asked
What is the Zomato IPO price band and lot size? ₹72.0–76.0 per share, with a lot of 195 shares, so the smallest retail bid is ₹14,820.
How many times has it been subscribed? 38.3x overall: QIB 51.8x, NII 33.0x, retail 7.45x, employees 0.62x.
How did it list? It opened at ₹116, +52.6% against the issue price of ₹76.0, and closed its first day +65.8%.
