RPG Enterprise chairman Harsh Goenka took swipe at the success of the food delivery company and said that he was planning to start an app like Zomato to provide food at a 40 percent discount with a loss of only Rs 3,000 crore.
His sharp remarks came in response to Zomato’s mega initial public offering (IPO) that ended with an oversubscription on Friday.
“If you think the loss is less, I will give a 60% discount. I will then list it at ₹1 lakh crore,” he added.
“I was sharing the exact same thing with my friend’s sir. Absolutely respect what all these companies do and no offence. But puzzled. People are investing in something which is not even tangible,” Twitter user Ashok Ramachandran said.
Zomato secured bids for 2,751.25 crore shares against 71.92 crore shares on offer, stock exchange data showed on July 16, 2021.
The institutional investors, who avoided the first two days of the IPO, bid several times over their reserved shares.
The institutional buyers bid around 52 times the quota reserved for them, while independent investors purchased shares worth 640 cores against their quota.
ALSO READ: Petrol Rates Hiked For 10th Time In July, Check Fuel Prices In Your City