I made `2.25 cr within 8 minutes of Zomato IPO opening: Ashneer Grover

New Delhi: Former BharatPe co-founder and managing director Ashneer Grover has revealed he made a cool Rs2.25 crore from Zomato IPO within 8 minutes of its opening in July 2021.

In his memoir 'Doglapan', Grover said that with the IPO being oversubscribed more than 30 times, he got an allotment of shares worth over Rs3 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 Rs76. I, however, was certain that it would do far better. When the share opened on the listing day at Rs116 per share, I mandated them to sell all my shares," he wrote.

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."

Grover said that he became a little greedy post the Zomato IPO. "I went in for the Car Trade IPO but ended up losing Rs 25 lakh there," he said.

Grover, currently facing a court case filed by BharatPe that he co-founded, said 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. 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," he wrote.