Amid robust retail demand, Zomato IPO oversubscribed 1.3 times on Day 2

Zomato's initial public offering was oversubscribed 1.3 times on the second day of the offering with retail investors continuing to bid for shares of the food delivery platform.

The offer received bids for 95.44 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed.

Retail investors sought 3.96 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 51.36 crore shares were bid by 1400 hours.

Non-institutional investors put in bids for 26 per cent against their reserved portion while qualified institutional buyers (QIBs) fully took their quota of 38.8 crore shares.

The portion set aside for employees has been subscribed 22 per cent.

The IPO, the biggest in India this year, is open for subscription till Friday in a price band of Rs 72-76 per share.

Zomato has already mobilised Rs 4,196.51 crore from 186 anchor investors on July 13, a day before the issue opened. The IPO size has been reduced to Rs 5,178.49 crore from Rs 9,375 crore earlier.