Today, all eyes will be on Zomato's Rs 9,375-crore IPOShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at the gap-down opening on Wednesday, one day ahead of weekly options expiry. In the previous session, Sensex jumped 397 points or 0.76 per cent to finish at 52,770, while the broader Nifty 50 index added 120 points or 0.76 per cent to settle at 15,812. Asian stock markets were mostly trading in the red in the early morning trade on Wednesday. Japan’s Nikkei 225 fell 0.14 per cent while the Topix index was flat. South Korea’s Kospi dipped 0.26 per cent. Bond yields jumped and global share prices slipped after posting new highs on Tuesday as the biggest hike in US inflation in 13 years rattled investors. The Dow Jones Industrial Average fell 0.31 per cent, the S&P 500 lost 0.35 per cent and the Nasdaq Composite dropped 0.38 per cent.
Zomato’s Rs 9,375-crore IPO, India’s biggest this year, is set to open on Wednesday, 14 July 2021. The IPO will be open for subscription till July 16. The IPO, which will give Zomato a valuation of Rs 64,365 crore, is being touted as the second-biggest since SBI Cards and Payment Services’ Rs 10,341 crore issue in March 2020. Post IPO, the valuation of Zomato will be more than the combined market capitalisation of five listed fast food and restaurant companies — Jubilant FoodWorks, Burger King India, Westlife Development, Barbeque-Nation Hospitality and Speciality Restaurants.
Highlights
Domestic equity markets resumed moving upwards yesterday as Sensex and Nifty surged 0.76% each on Tuesday. S&P BSE Sensex closed the day’s trade at 52,769 while the 50-stock NSE Nifty was at 15,812. On Wednesday morning, SGX Nifty was down in the red signalling some weakness ahead of the opening bell. Global cues were negative after Wall Street equity indices ended in the red. Asian peers were also down with losses. Technical analysts continue to see upside potential for domestic markets. “One may expect further upside towards 15900-15915 levels in the short term before showing next round of consolidation,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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BSE-listed companies such as Infosys, Dodla Dairy, Craftsman Automation, L&T Technology Services, 5paisa Capital, Alliance Integrated Metaliks, Essar Securities, Hatsun Agro Product, Mishtann Foods, Tasty Dairy Specialities, Tinplate Company of India, and Vikas EcoTech will release quarterly earnings on July 14.
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Zomato, the online food delivery behemoth, has managed to raise Rs 4,196 crore from a total of 186 anchor investors just ahead of its initial public offering (IPO) which opens today. Marquee investors such as Tiger Global Investment Fund, Blackrock Global Funds, Fidelity Funds, JP Morgan, Morgan Stanley, T. Rowe Price, SBI, Kotak funds, Government of Singapore, Goldman Sachs, ICICI, HDFC, and UTI MF have invested in the company through the anchor investor portion. Zomato plans to raise Rs 9,375 crore in the IPO (including anchor investments), comprising a fresh issue and an offer for sale by existing investors.
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Zomato, India’s homegrown unicorn, would be the first of many Indian tech startups to list on the stock exchanges. Naukri.com’s parent company, Info Edge holds a stake of about 18.55 per cent in the food delivery platform. The average cost of acquisition of equity shares for the selling shareholders is Rs 1.16 per equity share. The weighted average return on net worth for the last three fiscals is 49.09 per cent. Research and brokerage firms such as Motilal Oswal Financial Services and Ventura Securities have ‘subscribe’ rating, while Kotak Securities and Axis Securities have not given ratings to the IPO.
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Bond yields jumped and global share prices slipped after posting new highs on Tuesday as the biggest hike in US inflation in 13 years rattled investors. The Dow Jones Industrial Average fell 0.31 per cent, the S&P 500 lost 0.35 per cent and the Nasdaq Composite dropped 0.38 per cent.
Asian stock markets were mostly trading in the red in the early morning trade on Wednesday. Japan’s Nikkei 225 fell 0.14 per cent while the Topix index was flat. South Korea’s Kospi dipped 0.26 per cent.
Food delivery platform Zomato raised Rs 4,197 crore from 186 anchor investors on Tuesday ahead of IPO. The company has allotted 55.22 crore equity shares to anchor investors for Rs 76 per equity share. Zomato’s Rs 9,375 crore initial public offering is set to open on Wednesday amid buzz of strong response from global institutional investors.