Harsh Goenka takes jibe at Zomato IPO's success, says 'Will provide food at 40% discount with a loss of only Rs 3,000 crore'

With Zomato's initial public offering (IPO) oversubscribed on day 3, RPG Enterprises Chairman Harsh Goenka on July 17 took a swipe at the food delivering app, saying he is planning to start a similar app.

"My newest corporate venture: I am starting a Swiggy/Zomato like app. I will provide food at 40% discount with a loss of only Rs 3000 cr. If you think the loss is less, I will give 60% discount. I will then list it at Rs 1 lakh cr. Looking for suckers to invest!," Goenka wrote on Twitter.

Earlier on July 16, Zomato's IPO was subscribed 38.25 times on the final day of the bidding. The offer received bids for 2,751.25 equity shares against IPO size of 71.92 crore equity shares, the subscription data available on the exchanges showed.

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The retail investor portion was subscribed 7.45 times, while non-institutional investors put in bids for 32.96 times against their reserved portion. The portion set aside for employees was subscribed 62 percent and that of qualified institutional buyers (QIBs) subscribed 51.79 times.