Ashneer Grover revealed that he made Rs 2.25 crore within 8 minutes of
Zomato listing last July. In his memoir Doglapan: The Hard Truth about Life and Start-Ups, the former BharatPe founder and ex-Shark Tank India judge revealed how he managed to make the best use of Zomato IPO.
Grover said that with the IPO being oversubscribed more than 30 times, he got an allotment of shares worth over Rs 3 crore.
"My RMs (relationship managers), based on grey-market premiums, were expecting the Zomato share to list between Rs 85-90, as against an issue price of Rs 76. I, however, was certain that it would do far better. When the share opened on the listing day at Rs 116 per share, I mandated them to sell all my shares," he wrote in his book.
By the time the trade got executed, "I got a selling price of Rs 136 per share. With my landing cost after interest being between Rs 82-85, 1 ended up making over Rs 2.25 crore," he said. "Within eight minutes of the Zomato IPO opening, I had made over Rs 2.25 crore."
Ashneer Grover added that he was bullish on the Zomato IPO on several counts. "Of course, I knew of Deepinder (Goyal), and I am a big believer in his ability to persevere and keep building big," he wrote. "Fundamentally, with the pandemic the ticket size of their orders had grown, as people were ordering food from home for 3-4 members in the family, as against single rolls in office, thereby increasing Zomato's absolute margins."
(With inputs from IANS)
Read more: When Ashneer Grover urged investors buy free-falling Zomato shares
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
