Zomato IPO, Allotment and Listing: Shares of food delivery company Zomato have been shared on BSE today at Rs 115. This is 51.32 per cent higher than the issue price by Rs 39. Whereas the listing of Zomato shares on NSE has been done at Rs 116. This issue is 52.63 per cent above the price i.e. Rs 40. The issue price of the company's shares is Rs 76.
Market cap crosses 1 lakh crore:
After the listing, there has been a steady rise in the shares of Zomato. The company's shares were trading at Rs 138.50 on NSE at 10.07 am. The market cap of the company's shares has exceeded Rs 1 lakh crore.
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In terms of market cap, it has become the number 45 company in India. The company's shares are about to reach their upper circuit. The upper circuit of Zomato shares is Rs 139.20.
Zomato listing: Shares of Zomato listed at Rs 116, 51% above the issue price
Zomato's market cap has now exceeded that of Tata Motors, Dabur, Godrej Consumer, Shree Cement, IOC and BPCL.
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Interestingly, now Zomato's market cap is more than the market cap of Info Edge, which holds the largest share in Zomato's shares.
Premature listing:
The allotment of shares of Zomato took place on Thursday, July 22. Earlier its listing was to be done on July 27, but then it was listed ahead of schedule i.e. on July 23.
What should investors do now?
Market experts say that after a good listing, the company's investors should book some profit. Since the opening of the IPO, market experts have been expressing concerns about the high valuation of the company. But today's strong listing washed away the valuation worries.