Indian business & finance updates
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The Indian food delivery company Zomato saw its share price jump as much as 80 per cent on its market debut in Mumbai on Friday, as it became the first of the latest wave of tech start-ups to go public.
Several other Indian tech companies, including the $16bn payments group Paytm, have been closely watching Zomato’s initial public offering to judge the appetite for other start-ups.
Zomato’s shares surged to a high of Rs138.90 ($1.87) on the National Stock Exchange of India from their issue price of Rs76 in early trading on Friday, valuing the lossmaking company at about $12bn. They closed at Rs125.85, up 65 per cent.
India’s fast-growing tech groups have relied until now on foreign venture capital to fund their heavily cash-burning activities. But regulatory changes allowing lossmaking companies to list in Mumbai have encouraged several start-ups to look at the public markets.
“This is the first company in India, in my memory, that…
