Food-tech startup Zomato became a member of the exclusive club of top 50 companies by market capitalisation minutes after listing on the bourses Friday.

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After listing, Zomato's market capitalisation crossed Rs 1 lakh crore as the price surged to Rs 132 from the listing price of Rs 115. Zomato's shares were listed with a premium of 50 percent, becoming the first unicorn startup to list and list with a stellar premium on the bourses.

Its shares were listed at Rs 116 on NSE, a 52 percent premium to the issue price of Rs 76. On BSE, the stock is listed at Rs 115, up 51 percent from its issue price.

#ZomatoListing | @zomato market cap crosses Rs 1 lakh cr pic.twitter.com/2xW81ZhL9p

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With its stellar listing, Zomato has entered the exclusive club of top 50 companies in terms of market capitalisation. The market cap of the food-tech startup stands at Rs 1,00,222 crores, nearly 50 percent higher than its market cap at the issue price. At the issue price of Rs 76, its market cap stood at Rs 65,000 crore.

Its cap is above seasoned companies like Tata Motors (Rs 98,181 crore), Godrej Consumer (Rs 99,273 crore), Shree Cement, Indian Oil Corporation (Rs 99,695 crore), and BPCL (Rs 99,785 crore).

"It is a very historical moment for the Indian equity market," Prashant Khemka, the founder of White Oak Capital Management said.

"It is a very exciting moment and hopefully bodes well for times to come for many such more new listing of the new age-technology companies, this would open the doors for those to the going forward," he added.

Zomato will use the proceeds from the IPO to fund the organic growth of the business, including growing delivery infrastructure, customer acquisition, and technology. It will also use the funds to invest in minority share purchases or full buyouts. Plus, the company will use 25 percent of the proceeds for general corporate purposes.

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(Edited by : Ajay Vaishnav)

First Published:Jul 23, 2021 10:38 AM IST