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The response from the investors for the initial public offering (IPO) of foodtech unicorn Zomato continues to grow as the subscription for the issue reached 4.80 times on the second day, with both qualified institutional buyers and retail categories placing their bets on the company.

On July 14, when the IPO was opened for subscription, it closed 1.05 times of the total issue. For the second day, it was a little more than three times the jump. The QIBs, who were lukewarm on the first day, subscribed quite heavily on the second day as they ended 7.07 times of their allotted shares.

The interest from the retail investor category continues to remain strong as at the end of the second day as their subscription now stands at 4.73 times. However, the non-institutional investors’ category is yet to fully subscribe to their allotted share as it stood at 0.45 times at the end of the second day.

The IPO will close for subscription tomorrow ie, July 15.

The IPO of Zomato is a benchmark for the Indian startup ecosystem as it creates a new standard of a company going public.

Zomato has priced its IPO in the range of Rs 72-76 per share.

Zomato aims to raise Rs 9,375 crore, which will comprise Rs 9,000 crore worth of fresh issue of equity shares and Rs 375 crore of a secondary share sale by InfoEdge. The company is eyeing a post-issue valuation of Rs 64,365 crore.

The company has already raised Rs 4,197 crore from anchor investors, which include marquee names such as Tiger Global, New World Fund, Fidelity, and also domestic mutual funds such as HDFC, SBI, and Axis.

The IPO of Zomato will see many other leading startups from the Indian startup ecosystem who are gearing up to go public. Fintech unicorn Paytm is all set to hit the public market with its Draft Red Herring Prospectus (DRHP) ready to be unveiled very soon. Similarly, there are others like Policybazaar, Mobikwik, Nykaa, and Ola which have already announced their intention of going public.