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Zomato Listing: Zomato Trades 73% Higher; Surpasses Shree Cements In Valuation

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The internet start up made a whopping listing with gains of over 51% and settled at a price of Rs. 115. On the NSE, the scrip listed at a price of Rs. 116.

 

Zomato listing was highly sought after as this is the first start up of Unicorn level. The one concern that was there at the time of IPO opening that the company is running into losses has been addressed as major companies in the similar vertical are incurring losses.

Post the listing the stock is trading at a premium of 73% and hits day's high price of Rs. 138.90. With the valuation of over Rs. 1 lakh crore, Zomato start up has surpassed companies like Shree Cements.

Zomato Listing: Zomato Trades 73% Higher; Surpasses Shree Cements In Valuation

The grey market premium as well as analysts suggest the food delivery platform to list at a premium of 20-25%. Hem Securities' Astha Jain who is an expert in the area of IPO "suggested or predicted similar levels of listing and she further suggested investors to book partial profits and carry on to hold the remaining stocks for the long term and see how the markets value the stock going ahead. Further she suggested placing stock loss of between Rs. 82-85".

 

Issue price of Zomato IPO has been fixed at Rs. 76. Of all the IPOs that have been offered to raise more than Rs. 5000 crore, Zomato IPO has received the highest subscription.

Furthemore, the company's CEO the company shall focus on the long term prospects of the company and not target short term profits.

GoodReturns.in

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