Shares of Indian food delivery giant&nbsp;Zomato&nbsp;soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year.

Around 30 Indian companies have announced plans to list shares this year, with start-ups attracting billions of dollars in investment even though many are yet to make a profit.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-zomato-files-for-111-billion-ipo-as-food-delivery-surges-in-pandemic-381024">India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic</a>

Zomato, which counts as a subsidiary of Chinese tycoon Jack Ma's Ant Group and Uber among its shareholders, dominates India's booming app-based food-delivery space alongside rival Swiggy.

Its shares debuted at 115 rupees on the Bombay Stock Exchange's Sensex Index, 51 per cent higher than its issue price after its IPO was subscribed 40.38 times at the end of last week.

The stock then rocketed up 80 per cent in the opening 10 minutes, taking&nbsp;Zomato's market capitalisation across the one trillion rupee mark.

India's economy has taken a battering during the pandemic, recording its worst annual recession since independence in 1947. But its start-up sector has been a rare bright spot.

This year alone, around 20 "unicorns", firms valued at more than a billion dollars, have been created, including half a dozen in four days in April.

Many are struggling to recruit qualified employees, with some reportedly offering incentives such as free motorbikes and tickets to cricket matches to lure talent.

This year is set to be India's best for IPOs. Others set to list include digital payments firm Paytm, backed by Japan's SoftBank and Ma.&nbsp;

Many of the start-ups, though, are loss-making.

Zomato&nbsp;for instance, which operates in 525 Indian cities, is yet to turn profitable and reported a loss of 8.16 billion rupees in the financial year ending March 2021.

"We are going to relentlessly focus on 10 years out and beyond, and are not going to alter our course for short-term profits at the cost of long-term success of the company,"&nbsp;Zomato's chief executive Deepinder Goyal said&nbsp;Friday.

Shares of Indian food delivery giant Zomato soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year.

Shares of Indian food delivery giant Zomato soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year. Around 30 Indian companies have announced plans to list shares this year, with start-ups attracting billions of dollars in investment even though many are yet to make a profit. Also read | India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic Zomato, which counts as a subsidiary of Chinese tycoon Jack Ma's Ant Group and Uber among its shareholders, dominates India's booming app-based food-delivery space alongside rival Swiggy. Its shares debuted at 115 rupees on the Bombay Stock Exchange's Sensex Index, 51 per cent higher than its issue price after its IPO was subscribed 40.38 times at the end of last week. The stock then rocketed up 80 per cent in the opening 10 minutes, taking Zomato's market capitalisation across the one trillion rupee mark. India's economy has taken a battering during the pandemic, recording its worst annual recession since independence in 1947. But its start-up sector has been a rare bright spot. This year alone, around 20 "unicorns", firms valued at more than a billion dollars, have been created, including half a dozen in four days in April. Many are struggling to recruit qualified employees, with some reportedly offering incentives such as free motorbikes and tickets to cricket matches to lure talent. This year is set to be India's best for IPOs. Others set to list include digital payments firm Paytm, backed by Japan's SoftBank and Ma. Many of the start-ups, though, are loss-making. Zomato for instance, which operates in 525 Indian cities, is yet to turn profitable and reported a loss of 8.16 billion rupees in the financial year ending March 2021. "We are going to relentlessly focus on 10 years out and beyond, and are not going to alter our course for short-term profits at the cost of long-term success of the company," Zomato's chief executive Deepinder Goyal said Friday.

Frenzied appetite for India food delivery giant Zomato's IPO

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic. 
 
Launched in 2008, Zomato is one of India`s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. 
 
In February, the company raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. 
 
According to draft papers submitted to India`s market regulator on Wednesday, Zomato`s offering will comprise a fresh issue of shares worth up to 75 billion rupees. The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. 
 
Top shareholder Info Edge will sell shares worth 7.5 billion rupees in the IPO. 
 
The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth $4.2 billion. 
 
India has been one of the hottest IPO markets so far in 2021, helped by a flood of foreign money and high interest from mom-and-pop investors. 
 
However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs. 
 
Well-known domestic brands and names such as Barbeque-Nation Hospitality Ltd and Macrotech Developers Ltd saw a muted response to their stock market listings. 
 
Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead book running managers for Zomato`s IPO.

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic.

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic. Launched in 2008, Zomato is one of India`s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. In February, the company raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. According to draft papers submitted to India`s market regulator on Wednesday, Zomato`s offering will comprise a fresh issue of shares worth up to 75 billion rupees. The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. Top shareholder Info Edge will sell shares worth 7.5 billion rupees in the IPO. The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth $4.2 billion. India has been one of the hottest IPO markets so far in 2021, helped by a flood of foreign money and high interest from mom-and-pop investors. However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs. Well-known domestic brands and names such as Barbeque-Nation Hospitality Ltd and Macrotech Developers Ltd saw a muted response to their stock market listings. Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead book running managers for Zomato`s IPO.

India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic

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Frenzied appetite for India food delivery giant Zomato's IPO

India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic