MUMBAI: On the third and last day of its maiden Initial Public Offer (IPO) for Rs 9,375 crore of online food delivery platform Zomato Ltd, the issue has been oversubscribed 10.7 times according to information with the stock exchanges.

The IPO opened for subscription on Wednesday with a price band of Rs 72-76 per share. 

Zomato backed by Jack Ma's Ant Group Co is the first from a long list of Indian unicorn startups to launch an IPO which is set to be India's biggest since March 2020 and also the first among Indian online food aggregators.

A day before the issue opened, Zomato has already mobilized Rs 4,196.51 crore from 186 anchor investors on July 13, thus reducing the overall IPO size has been reduced to Rs 5,178.49 crore. 

On the third day, Zomato got bids for 770.07 crore equity shares against a total IPO size of 71.92 crores, in which the retail investors sought 6.09 times the portion reserved for them. The portion set aside for employees has been subscribed 42 per cent. 

Against 12.95 crore shares reserved for retail individual investors, 78.87 crore shares were bid by 1300 hours. Non-institutional investors put in bids for 109.82 crore shares against their reserved portion of 19.42 crore. Qualified institutional buyers (QIBs) sought nearly 15 times their quota of 38.8 crore shares. 

Started in 2008, by Pankaj Chaddah and Deepinder Goyal, Zomato is present in 525 cities in India, with 3,89,932 active restaurant listings along with a presence in 23 countries outside India. In its red herring prospectus, Zomato has said it will utilize the net proceeds from the fresh issue for funding organic and inorganic growth initiatives (Rs 6,750 crore) and general corporate purposes.