How brands are riding high on Zomato IPO

Food delivery platform Zomato's Rs 9,375-crore initial public offering (IPO) was oversubscribed on its opening day on Wednesday creating a buzz on social media.

The IPO, the second-biggest since SBI Cards and Payment Services' Rs 10,341 crore issue in March 2020, aims to give Zomato a valuation of Rs 64,365 crore.

On Day 1, the food delivery platform's IPO was oversubscribed with retail investors bidding for 2.7 times the number of shares reserved for them.

But, Zomato’s IPO hasn’t just been a topic of discussion among the investors. On social media, various companies have taken the opportunity to laud their fellow competitor’s initiative.

Let's take a look at how other brands are riding high on Zomato IPO:

Zomato, who is known for its quirky social media posts, tweeted, "mereko to aisa dhak dhak horela hai," as soon as it announced its IPO.

Soon after, many companies and startups such as Dunzo, Groww, Paytm hitched a ride on the Zomato IPO wave to market their own brands.

The IPO offer, which is open till July 16, on its opening day it received bids for 75.60 crore equity shares against an IPO size of 71.92 crore.