According to Motilal Oswal’s Sneha Poddar in a conversation with Moneycontrol, the Zomato IPO was listed on the exchange on Friday at Rs 116 with a tremendous premium of 53 percent. In intraday, it set a high of Rs 138 and closed around Rs 125 at the end of trading.
Great performance to continue
This stellar performance of Zomato can continue even further as it is a one of its kind business in India. The company has only one strong rival. Apart from this, there is a huge potential for the growth of such business in the country, which will benefit the company going forward. In this conversation, he further said that in the last 3 years, Zomato’s application is the most downloaded food and drink app in India.
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Broad Growth Potential in IPO Market
The company is doing business in a market with great potential. Let us tell you that only 8-9 percent of India’s total food consumption comes from restaurants and out of this, only 8 percent people opt for online food delivery. In this way, there is a huge potential for huge growth in this market right now. He further said that Zomato has the advantage of taking the first initiative.
Apart from this, the loss of the company seems to be decreasing with increasing business. While it is difficult to say anything about the company’s further growth at this point of time, it could prove to be a good bet from a long-term perspective.
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