Food delivery giant Zomato launched its highly anticipated initial public offering on Wednesday to raise rupees. At 9,375 crore, it is India’s largest year and the first in a series of public IPOs of a technology unicorn company.

Zomato is one of the country’s hottest tech start-ups, and together with its competitor Swiggy dominates India’s booming app-based food delivery sector.

The new shares are priced between rupees. 72 and rupees. 76 times as part of the initial public offering, the public offering ended on Friday.

Before the IPO, Zomato raised more than Rs. Rs 4,196 crore from 186 large institutional investors, including global investment funds such as BlackRock, Fidelity, JPMorgan Chase and Morgan Stanley.

As of 2 pm IST, 10% of the stock reserved for investors has been subscribed more than twice so far.

But in the early stages of bidding for the remaining shares allocated to institutions and high-value investors, there was little interest.

In general, institutional investors have reserved nearly 75% of IPOs for them.

In country of 1.3 billion people, people have high hopes for the growth of the takeaway market. Zomato and Swiggy takeaway riders are everywhere in Indian cities.

But there are also concerns that companies like Zomato and Swiggy — not yet profitable due to high startup and marketing costs — may be overvalued.

Zomato operates in 525 Indian cities and more than 32 million Indians visit the platform every month, but lose rupees. The fiscal year ending March 2021 is Rs 816 crore.

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Mumbai-based investment services company Motilal Oswal stated in a report to clients before the IPO: “Given that Zomato’s is still in its infancy, it has been suffering heavy losses and may continue to suffer losses in the near future.”

year, about 30 Indian companies announced plans for IPOs, including Paytm, a digital payment company backed by Japan’s SoftBank and Jack Ma.

The issuance of Zomato and Paytm is expected to drive the Indian IPO market to its best year ever.