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Food delivery company Zomato‘s shares briefly touched a peak of Rs 105, marking a little over 2% increase following the opening bell on Monday. This is the highest stock price the company’s shares reached since February 2022.

Shareholders quickly cashed out on the share price jump, and Zomato ended the day at Rs 102.14. The company’s share is still trading 18% below the IPO price of Rs 126.

Zomato made its initial public offering (IPO) debut in July 2021, with a price range of Rs 72-76 per share. Its shares debuted at Rs 115 and quickly soared to Rs 170 within a few weeks. However, over the past year, the Gurugram-headquartered company has been trading between Rs 45-70 per share.

Recently, SoftBank expressed that it is looking to offload its remaining stake in the foodtech entity through the public market based on its share price movements. One of Zomato’s top investors, Tiger Global, exited the food delivery firm in August by selling its remaining shares for Rs 1,123.85 crore.

Zomato has also liquidated its businesses in Slovakia and Portugal to renew its focus on Indian operations.

In August this year, Zomato reported a first-time profit of Rs 2 crore in the first quarter of FY24, a turnaround from a loss of Rs 186 crore in the same quarter the previous year.

The company’s operating revenue also displayed robust growth, surging by 71% to Rs 2,416 crore from Rs 1,414 crore in the first quarter of the previous year. This performance was attributed to substantial growth in Zomato’s Hyperpure segment.