Info Edge Stock Ends At A Record High On Reports Of Zomato IPO
Shares of Info Edge India Ltd., which owns 19.3% in Zomato, ended at a record high on Tuesday on reports of the online food delivery platform planning to go public.
Zomato is planning to launch an initial public offering in the first half of 2021, Financial Express reported. The company, according to the report, clocked revenue of Rs 2,743 crore in 2019-20, a 100% jump over the year earlier.
Deepinder Goyal, chief executive officer at Zomato, in a tweet said the food delivery company serviced as many as 4,254 orders per minute during peak time on New Year’s Eve.
The company, according to a Dec. 18 exchange filing, has recently closed a primary fundraise of $253.4 million from four different investors — Kora Management, Tiger Global Management, D1Capital and Fidelity Management and Research.
Shares of Info Edge closed 13.7% higher at Rs 5,494.4 apiece. This is also the biggest single-day gain since April 2020. Tuesday’s trading volumes were four times the stock’s 20-day average. Of the 26 analysts tracking Info Edge, 10 recommend a ‘buy’, seven suggest a ‘hold’ and the remaining nine have a ‘sell’ rating. The stock is 41.6% higher than its Bloomberg consensus 12-month price target of Rs 3,238.7 apiece.