Zomato drops 14% to all-time low as lockdown period ends

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Shares of food delivery company Zomato fell 14.3% on Monday to a record low after the lockdown period ended for investors who held stakes in the company prior to the initial public offering.

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The shares fell to Rs 46.15 per share, giving the company a market capitalization of $4.5 billion. below the $13.2 billion estimate. it happened on his debut day a year ago.

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zomato raised $1.3 billion before listing from a host of investors including Tiger Global, Fidelity, the Singapore Government, Canada Pension Fund, T. Rowe Price, Morgan Stanley and Steadview. Investors subscribed to the shares at 76 rupees.

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The company’s shares, which have lost more than 60% of their value since listing last year, have been under additional pressure lately following Zomato’s release. proposed acquisition of instant delivery firm Blinkit in a deal that many analysts see as overpriced and riddled with conflicts of interest.

Zomato competes with Swiggy, which has raised capital in the round from investors including Invesco on $10.7 billion valuation earlier this year.

This is an evolving story. Further…


Credit: techcrunch.com /

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