Zomato, the popular food delivery platform, is making headlines as its shares reach a significant milestone.
After over a year, Zomato’s shares have surpassed their initial public offering (IPO) price. On Friday, the shares reached Rs 77.30, exceeding the IPO price of Rs 76.
Meanwhile, the company’s shares had hit a 52-week low of Rs 40.55.
Impressive 60% Surge in Shares Within 4 Months
Over the past four months, Zomato’s shares have experienced a remarkable jump of around 63%.
Starting at Rs 47.75 on the Bombay Stock Exchange (BSE) on February 6, 2023, the shares have now reached Rs 77.30 on BSE as of June 9, 2023.
In the last two months alone, the shares have gained 49%, rising from Rs 52.13 on April 6, 2023.
Zomato Shares Aim for Rs 100 Mark
Leading brokerage firm Jefferies has set a target price of Rs 100 for Zomato shares, offering a positive outlook on the company.
Emkay Global also maintains a buy rating, projecting a target price of Rs 90.
Foreign brokerage house Morgan Stanley has given an overweight rating and a target price of Rs 85 for Zomato.
Boycott Zomato Trends on Twitter Despite Video Removal
After Zomato removed a video related to a garbage campaign and apologized for inadvertently hurting some sentiments, the hashtag #BoycottZomato continues to trend on Twitter.
