A Zomato delivery person waits at traffic signal in New Delhi India on September 21, 2019
Nasir Kachroo/NurPhoto via Getty Images
Food delivery giant Zomato, which became a household brand during the pandemic-induced lockdown, delivered a stellar performance when it debuted on the stock exchange Friday. Zomato’s shares soared as much as 82% to 138 rupees a share in early trading. They finished the day at 126 rupees, a gain of almost 66%.
The Delhi-based startup, now valued at $13.3 billion, is the first among a herd of startups planning to cash in on the momentum in India’s IPO market. At least nine of the 11 ventures that are planning initial public offerings are unicorns–private companies valued at $1 billion or more–that have raised several rounds of capital from both homegrown and global venture capital firms, private equity players and wealthy individuals.
Zomato’s IPO, which closed last week, was a much bigger success than…
