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Zomato Stocks Rises 80% On Debut Of India's New Technology Generation

The venture rose more than 80% on its debut on Friday following a $ 1.3 billion initial public offering.


Deepinder Goyal's Zomato Ltd. his company has been delivering spirit foods to millions in India, from spicy dosa pancakes to soft bread Pav bhaji with curried vegetables, for more than a decade .


Now investors are getting a taste of the fast-growing food distribution giant. The venture rose more than 80% on its debut on Friday following a $ 1.3 billion initial public offering.


The first of a generation of internet unicorns to decipher India's Capital Markets , Zomato has sparked a frenzy rarely seen among the local investment community. Investors, Facebook Inc. and Alibaba Group Holding Ltd.they boasted on Twitter to divest their initial stock, missing the types of returns it has achieved . Its IPO is India's largest IPO since March 2020, and has received offers from anchor investors about 35 times more than the shares it plans to sell.


For others, it outweighs the potential drawbacks. Almost half of the 1.3 billion people accessing the internet through smart phones with a bet on Zomato, especially due to the development of India's internet infrastructure and consumers to continue purchasing online, india's new technology initiatives that might get in the way of optimism represents the United States or China.


"This is supposed to be. Nine out of 10 will fail,” Goyal , who is forbidden to comment when he enters the list, said in an earlier interview. "But it will be a thriving, spectacular success.”

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