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Zomato being India’s first unicorn initial public offering (IPO) to hit the D-Street marks the beginning of a new era.

Shares of food aggregator and delivery giant Zomato made a fast and mouth-watering stock market debut on Friday. The stock opened for trading at Rs 116 on the National Stock Exchange, compared to the issue price of Rs 76, marking a premium of 52.63% or Rs 39. On the BSE, Zomato opened at Rs 115, at a premium of Rs 40 or 51.32%.

In the morning trades, Zomato continued its upward trajectory and was trading at Rs 138.90 implying a premium of 82.76% over its issue of Rs 76 on the NSE. Many retail investors were disappointed with the non-allotment were buying the stock from the open market as 45.65 crores changed hands in early trades on the NSE.

Such stellar listing took the company’s market capitalization to Rs 1,08,969.54 crore surpassing Tata Motors, Indian Oil Corporation, Bharat Petroleum Corporation, Coal India to become among the top 50 elite and most valuable companies in the country.

With Zomato being India’s first unicorn initial public offering (IPO) to hit the D-Street marks the beginning of a new era. The issue gave investors an opportunity to participate in India’s booming start-up ecosystem and invest in new-age companies that are challenging traditional businesses and driving consumption from the ease of a smartphone.

Investors pumped in a little over Rs 2.09 lakh crore for the Rs 9,375 crore IPO of the food delivery company. Making it among one of the highest oversubscribed large-sized IPOs that raised more than Rs 5,000 crore in over a decade. The issue received a stellar response from investors, subscribing 38.25 times during July 14-16. The portion reserved for qualified institutional buyers (QIB) was subscribed 51.79 times, followed by non-institutional investors with 32.96 times subscription, and retail part 7.45 times.

As of December 31, 2020, Zomato has established a strong footprint across 23 countries with 131,233 active food delivery restaurants, 161,637 active delivery partners, and an average monthly food order of 10.7 million customers.

For nine months ended December 31st, 2020, the company reported total revenue of Rs 1,367.65 crore compared to Rs 487.04 crore in FY18. It is a cash-burning company as it posted a loss of Rs 682.2 crore as of December 31, 2020, compared to a loss of Rs 106.91 crore in FY18.