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'Shares Selling Like Mutton Biryani': Zomato Opening IPO has Indians Ordering Memes

Image credit: Twitter

Image credit: Twitter

As Zomato's initial public offering (IPO) worth Rs 9,375 crore opened today. netizens joined in on the excitement with various memes.

Zomato initial public offering (IPO) worth Rs 9,375 crore opened today and this is the largest IPO since SBI Cards and Payment Services’ Rs 10,341 crore issue in March 2020. Ahead of the IPO, Zomato raised over Rs 4,196 crore (Rs 41,96,51,86,380) from 186 anchor investors in lieu of 55,21,73,505 equity shares at Rs 76 each, according to the stock-exchange filing. If Zomato founder Deepinder Goyal’s tweet is anything to go by, he is waiting with bated breath as investors subscribe to the food delivery giant’s IPO on the first day of bidding. Goyal shared on Twitter that he was stress eating and had ordered a triple breakfast.

Goyal’s excitement and stress was matched by desi Twitter who did what they do best- get out memes. Not to be left behind, Zomato’s witty one liners also entertained all. And netizens also joined in on the meme wave to mark the bidding.

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Some even commented about the loss in business marketing and reminds other markets about the huge day of Zomato.

However, amidst all this, Swiggy’s sneaky invite to invest in their company did not go unnoticed by Twitter users!

YES Securities said in a note, “We see a lot of excitement around the Zomato IPO given it’s the first large consumer tech company getting listed. Key players in the food-tech industry like Zomato and Swiggy and have been able to create multiple competitive advantages like last‐mile delivery infrastructure, customer data, strong brand and convenience/choice driving network effect."

The IPO, which opened for subscription today will close on July 16. The price band for Zomato IPO has been fixed at Rs 72-76 per equity share.

It’s a lot about social media engagment while conducting business as Kotak Securities came in with a witty reply. “Chill karo, humare saath subah ki chaIPO," aimed at attracting investors to use them to apply for Zomato IPO.

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first published:July 14, 2021, 14:08 IST