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Zomato hits fresh 52-week high; surpasses its IPO price after a year

Zomato reported better-than-expected operating performance in the March quarter (Q4FY23)

Deepak Korgaonkar Mumbai

Zomato hits fresh 52-week high; surpasses its IPO price after a year

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4 min read Last Updated : Jun 09 2023 | 1:12 PM IST

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Shares of Zomato hit a fresh 52-week high of Rs 77.35, gaining 2 per cent on the BSE in Friday’s intra-day trade. The stock price of the food delivery platform company rose above their initial public offering price of Rs 76 per share on Thursday after more than a year. Zomato made its stock market debut on July 23, 2021.

In the past one month, the stock has rallied 27 per cent on improved operational performance. It was trading at its highest level since June 2022, and has bounced back 91 per cent from its record low level of Rs 40.55, touched on July 27, 2022.

Zomato reported better-than-expected operating performance in the March quarter (Q4FY23) - while it registered muted gross order value (GOV) growth quarter-on-quarter (QoQ), contribution margin across segments beat estimates.

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