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Info Edge share rises 2% as Zomato launches IPO

Info Edge share rose nearly 2% after food delivery firm Zomato launched its initial public offer (IPO) today. Info Edge holds a stake of about 18.55 percent in Zomato.

Info Edge share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The large cap stock has gained 79% in one year and risen 8.67% since the beginning of this year. The stock rose 1.63% to Rs 5,240.40 against previous close of Rs 5,156.10 on BSE.

Total 0.17 lakh shares changed hands amounting to turnover of Rs 9.02 crore. Market cap of the firm rose to Rs 66,934 crore.

The stock hit 52-week high of Rs 5,876.05 on January 6, 2021 and 52-week low of Rs 2,815 on July 14, 2020.

By 15:33 pm, Zomato IPO was subscribed 0.57 times. Investors put in bids for a total 24.52 crore shares in the IPO out of issue size of 71.92 crore.  The IPO will close on July 16.

Allotment of shares will be done on July 22 and the stock is likely to be listed on BSE and NSE on July 27.

The Zomato IPO is one of the largest public offerings in recent times as the company is planning to raise Rs 9,750 crore.

The lot size of Zomato IPO is 195 shares for which an investor will have to spend Rs 14,820. A retail individual investor can apply for up to 13 lots (2,535 shares) by spending Rs 192,660.

The company is eyeing a valuation of around $8.5 billion through the IPO.

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