I made Rs 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 Rs 2.25 crore from Zomato IPO within 8 minutes of its opening in July last year.
In his memoir ‘Doglapan’, 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.
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.” Also Read Samsung raises over $10 mn for Global Goals 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.