Zomato Ltd., the Indian food delivery startup backed by Jack Ma’s Ant Group Co., got about 35 times more bids from anchor investors than it intended to sell in its blockbuster initial public offering, according to people with knowledge of the matter.
The Gurgaon-based firm received bids worth 1.5 trillion rupees ($20 billion) from large funds compared with the 42 billion rupees offered, the people said, asking not to be identified as the information is private. The subscription marks one of the most popular Indian IPOs among institutional investors in recent years as Zomato starts taking public orders for the $1.3 billion share sale on Wednesday.
