<p>Food delivery giant Zomato on Wednesday launched its much-anticipated IPO to raise Rs 9,375 crore, India's biggest this year and the first of a series of public listings by tech unicorns.</p>.<p>Zomato -- which counts subsidiaries of Uber and Jack Ma's Ant Group among its existing shareholders -- is one of the country's hottest tech start-ups and dominates the booming app-based food-delivery space alongside rival Swiggy.</p>.<p>Fresh shares priced at between Rs 72 and 76 were issued as part of the initial public offering, which closes on Friday.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/business/business-news/zomato-raises-rs-4196-crore-from-anchor-investors-ahead-of-ipo-1008313.html" target="_blank">Zomato raises Rs 4,196 crore from anchor investors ahead of IPO </a></strong></p>.<p>Ahead of the IPO, Zomato raised over Rs 4,196 crore from 186 marquee institutional investors, including global investment funds like Blackrock, Fidelity, JPMorgan and Morgan Stanley.</p>.<p>As of 2.00 pm local time, 10 per cent of shares reserved for retail investors were subscribed more than two times so far.</p>.<p>But there was lacklustre interest in the early hours of bidding for the remaining shares allocated to institutional and high-value investors.</p>.<p>In total, institutional investors have nearly 75 per cent of the IPO reserved for them.</p>.<p>There are high expectations about the growth of the food delivery market in the country of 130 crore people and Zomato and Swiggy's delivery riders are ubiquitous in Indian cities.</p>.<p>But there are also concerns that companies like Zomato and Swiggy -- which are yet to be profitable due to high start-up and marketing costs -- could be overvalued.</p>.<p>Zomato, which operates in 525 Indian cities with more than 3.2 crore Indians visiting the platform every month, lost Rs 8.16 billion in the financial year ending March 2021.</p>.<p>"Zomato has been incurring substantial losses and may continue to incur losses in (the) near future too, given the business is at nascent stage," Mumbai-based investment services firm Motilal Oswal said in a note to clients ahead of the IPO.</p>.<p>Around 30 Indian companies have announced IPO plans this year, including digital payments firm Paytm, backed by Japan's SoftBank as well as by Ma.</p>.<p>Zomato's offering, along with Paytm's, is expected to propel India's IPO market to its best year on record.</p>
<p>Food delivery giant Zomato on Wednesday launched its much-anticipated IPO to raise Rs 9,375 crore, India's biggest this year and the first of a series of public listings by tech unicorns.</p>.<p>Zomato -- which counts subsidiaries of Uber and Jack Ma's Ant Group among its existing shareholders -- is one of the country's hottest tech start-ups and dominates the booming app-based food-delivery space alongside rival Swiggy.</p>.<p>Fresh shares priced at between Rs 72 and 76 were issued as part of the initial public offering, which closes on Friday.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/business/business-news/zomato-raises-rs-4196-crore-from-anchor-investors-ahead-of-ipo-1008313.html" target="_blank">Zomato raises Rs 4,196 crore from anchor investors ahead of IPO </a></strong></p>.<p>Ahead of the IPO, Zomato raised over Rs 4,196 crore from 186 marquee institutional investors, including global investment funds like Blackrock, Fidelity, JPMorgan and Morgan Stanley.</p>.<p>As of 2.00 pm local time, 10 per cent of shares reserved for retail investors were subscribed more than two times so far.</p>.<p>But there was lacklustre interest in the early hours of bidding for the remaining shares allocated to institutional and high-value investors.</p>.<p>In total, institutional investors have nearly 75 per cent of the IPO reserved for them.</p>.<p>There are high expectations about the growth of the food delivery market in the country of 130 crore people and Zomato and Swiggy's delivery riders are ubiquitous in Indian cities.</p>.<p>But there are also concerns that companies like Zomato and Swiggy -- which are yet to be profitable due to high start-up and marketing costs -- could be overvalued.</p>.<p>Zomato, which operates in 525 Indian cities with more than 3.2 crore Indians visiting the platform every month, lost Rs 8.16 billion in the financial year ending March 2021.</p>.<p>"Zomato has been incurring substantial losses and may continue to incur losses in (the) near future too, given the business is at nascent stage," Mumbai-based investment services firm Motilal Oswal said in a note to clients ahead of the IPO.</p>.<p>Around 30 Indian companies have announced IPO plans this year, including digital payments firm Paytm, backed by Japan's SoftBank as well as by Ma.</p>.<p>Zomato's offering, along with Paytm's, is expected to propel India's IPO market to its best year on record.</p>