By P.R. Venkat
Shares of Zomato Ltd., India's answer to DoorDash Inc., soared in their trading debut, delivering a performance that will likely boost confidence in other Indian startups that are in line to tap the equities market.
Within the first few minutes of official trading on Friday, the food-delivery group's shares gained as much as 82% to INR138 compared with the initial public offering price of INR76 a share.
Zomato raised nearly 94 billion rupees ($1.26 billion), selling 1.23 billion shares at the top end of its INR72-INR76 indicative price range.
Last week, investors placed orders worth 38 times the shares being offered by Zomato, indicating that those who couldn't buy shares in the IPO were testing their luck in the secondary market.
Some market-watchers say India's tech space has plenty of room to grow as consumption shifts online. Earlier-stage investors have poured about $16 billion into Indian startups this year, creating 16 new unicorns -- young private companies valued at $1 billion or more -- according to data firm Venture Intelligence.
Last week, the operator of the Paytm digital-finance app, One97 Communications Ltd., filed an IPO prospectus for what is set to be India's largest IPO in local-currency terms.
The group offers services such as a mobile wallet, loans and stock-trading, and is backed by Jack Ma's Chinese financial-technology giant Ant Group Co. One97 aims to issue new and existing shares worth up to INR166 billion.
Other IPOs in the pipeline include digital-payments platform One MobiKwik Systems Ltd., and logistics and supply-chain-services provider Delhivery Pvt.
Write to P.R. Venkat at venkat.pr@wsj.com
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July 23, 2021 at 12:16PM
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