Investors lap up Zomato's India IPO with bids of US$46bil

"There is insane demand and a lot of excitement," said Jimeet Modi, founder of Indian brokerage Samco Securities. "Retail investors are looking at this from a listing gains point of view."

MUMBAI: A stock offering by Indian food delivery startup Zomato drew bids worth US$46.3 billion as it was more than 38 times oversubscribed on Friday, signalling investors were bullish about the fast-growing sector.

The $1.3 billion IPO of Zomato, which is backed by China's Ant Group, was the first in India's food delivery sector. It was priced at 72 to 76 rupees per share, giving it a valuation of up to $7.98 billion.