Shares of food delivery firm Zomato Ltd nearly doubled on Friday in a stellar first listing of a local unicorn in India, setting the pace for a slew of such debuts by internet-based startups that are thriving during the COVID-19 pandemic.
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Berkshire Hathaway Inc-backed Paytm, hospitality company Oyo Hotels and ride-hailing firm Ola, both backed by SoftBank, are among the Indian startups set to enter markets, riding on support from foreign funds and local investors.
Shares of Zomato soared 82.8% after opening at 116 rupees in pre-open trade, a 53% premium to the offer price of 76 rupees for the 93.75 billion rupees IPO, valuing the company at about $12 billion.
China's Ant Group holds a 16.53% stake in Zomato, while its top shareholder is online technology company Info Edge (India), which holds a 18.55% stake.
