Zomato Sets High Bar For What's Forecast As India's Best Year For IPOs

Around 30 Indian companies have announced plans to list shares this year, with start-ups attracting billions of dollars in investment even though many are yet to make a profit.

Shares of Indian food delivery giant Zomato soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year. Around 30 Indian companies have announced plans to list shares this year, with start-ups attracting billions of dollars in investment even though many are yet to make a profit. Zomato, which counts subsidiaries of Chinese tycoon Jack Ma's Ant Group and Uber among its shareholders, dominates India's booming app-based food-delivery space alongside rival Swiggy. Its shares debuted at 115 rupees on the Bombay Stock Exchange's Sensex Index, 51 percent higher than its issue price after its IPO was subscribed 40.38 times at the end of last week.