Share Prices for Zomato Experience a Surge
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As per the latest reports, Zomato has reported that it has experienced a surge in terms of its stock prices. The data shows that the company had experienced a surge in terms of its stock prices the moment it went public. The India-based food delivery company had reported gone public on Friday, July 23, 2021.
According to reports, Zomato is the first-ever tech giant from India, which started a billion-dollar initial public offering (IPO) on the said date. The data shows that since the stocks for Zomato went public, they have gained an 80% increase.
It was just about two weeks back when Zomato had held an initial public offering. The company had revealed that it was aiming to raise $1.3 billion from the particular public offering. So far, things have turned out to be very promising and supportive for the food Delivery Companies.
One of the best things for Zomato was that the company was listed locally through the stock exchange of Mumbai. It is common for any public listing to experience a surge in terms of the stock prices in the middle of the day.
However, the end of the day demonstrates the true performance and outcome of the share prices for any public listing. For Zomato, the day ended perfectly, as the share prices for the food delivery company by the end of the day were 65% more than the initial share price.
The first day turned out to be extremely beneficial for the company as it helped the company achieve very high market capitalization. Towards the end of Friday, July 23, 2021, the market capitalization of Zomato was around $13 billion.
Deepinder Goyal, the founder of Zomato shared his joy following the successful public launch of the company. Goyal stated that starting a business and operating it in India is one of the most difficult things that any startup has to face.
For Goyal, it is one of the toughest and most challenging markets in the entire world. However, the business is sure to grow bigger and better if one thing is kept in mind while running it. He stated that the majority of the businesses that start in India are for foreign companies or international sectors.
If a company wants to rise and grow within India, then it needs to be for the benefit of the locals. This is exactly what Zomato offered its customers, who are the locals in India. The final product is in front of everyone’s eyes as the company is constantly growing bigger and the most successful public listing in India.
As per Goyal, this is just the beginning of a new success story for Zomato as one of the largest food delivery companies in India. Soon, the company is going to gain worldwide recognition and compete with major companies such as Food Panda, Uber Eats, Talabat, and other major companies.
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