New Delhi (TIP): Retail investors snapped up shares of Zomato Ltd on the first day of its much-awaited initial public offering, maintaining their enthusiasm for the primary market manifest in every IPO of the year. Within minutes of opening, the retail segment of the Zomato IPO was fully subscribed, and by the end of the day, small investors had bid for 2.85 times the number of shares on offer. At the upper end of the Rs 72-76 price band, the IPO drew retail bids worth roughly Rs 2,655 crore. Retail investors were also enthused by the previous day’s Rs 4,196 crore anchor investment, where marquee investors were allotted 552.17 million shares at Rs 76 each.

The portion of shares reserved for non-institutional investors was subscribed just 14%, while that for qualified institutional buyers (QIB) was subscribed 1.03 times.

The overall subscription was 1.11 times on the first day of the three-day share sale, with bids for 756.43 million shares received against the 681.38 million shares on offer.

Zomato is India’s first major new-age technology company to go public. The keen retail interest witnessed in the Zomato IPO on the first day is likely to bode well for other technology companies preparing their IPOs, including Paytm, MobiKwik, Nykaa and PolicyBazaar.