Huge demand for Ant-backed food app IPO in India

Big listing: A Zomato worker delivering a food package to a customer in Mumbai. The firm recently raised its IPO target by 14% as demand grew in the Indian food-services market. ― Reuters

MUMBAI: Zomato Ltd, the Indian food delivery startup backed by Jack Ma’s Ant Group Co, got about 35 times more bids from anchor investors than it intended to sell in its blockbuster initial public offering (IPO), according to people with knowledge of the matter.

The Gurgaon-based firm received bids worth 1.5 trillion rupees (US$20bil or RM83.99bil) from large funds compared with the 42 billion rupees (RM2.37bil) offered, the people said, asking not to be identified as the information is private.