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The best was reserved for the last for the initial public offering (IPO) of the foodtech unicorn Zomato as Friday was the end of the three-day period for subscription of its shares and the issue was oversubscribed by 44 times.

The Zomato IPO was open for subscription between July 14 and 16, and the shares were priced in the range of Rs 72-76.

The last day saw a very strong response from qualified institutional buyers (QIBs) and non-institutional investors (NII). The QIBs subscription was 51.79 times of their allotted share, while NII category, which showed tepid response on the first two days, was subscribed 32.96 times. The retail portion was subscribed 7.45 times for the public issue.

The third day of the IPO subscription saw bids 38 times over.

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 foodtech unicorn 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.

“Zomato IPO would mark the first meaningful Internet listing in India…which would allow investors to play the Internet theme. While the evolving business models are a risk to traditional consumer businesses, investor preference for the high growth Internet stocks may drive de-rating of traditional stocks including FMCG, retail etc,” said Jefferies analyst Vivek Maheshwari in an earlier note.

The IPO of Zomato is the first among many other leading startups from the Indian startup ecosystem that are gearing up to go public. Fintech unicorn Paytm unveiled its Draft Red Herring Prospectus (DRHP) on Friday, announcing plans to raise Rs 16,600 crore.

Similarly, Policybazaar, Mobikwik, Nykaa, and Ola have already announced their intention of going public.