Zomato share price hits new all-time high, doubles from IPO price; UBS says ‘buy’, sees 12% rally

From the current levels, Zomato share price is likely to rally 12 per cent more, Swiss brokerage UBS Securities said in a report. Image: Zomato Twitter handle

Zomato share price jumped nearly 5 per cent today, rising to a fresh record high of Rs 147.80 apiece intraday on NSE. The online food delivery platform stock price is now 95 per cent up from its IPO price of Rs 76 per share. From the current levels, Zomato share price is likely to rally 12 per cent more, Swiss brokerage UBS Securities said in a report. UBS Securities has initiated a ‘buy’ rating to the stock with a 12-month target price of Rs 165 per share. “As one of the two leading players in the rapidly growing food delivery market in India, we expect Zomato to deliver over 40 per cent revenue CAGR making it one of the fastest-growing internet companies in the region,” UBS Securities said.

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Zomato stock was listed at Rs 115 apiece, last week; since then it has surged 28.52 per cent. In traded volume terms, 56.90 lakh shares have exchanged hands on BSE, while a total of 8.14 crore units have traded on NSE so far.