How Zomato earned nearly Rs 2 crore in just 8 minutes from its IPO, ex-Bharatpay chief Asnir Grover has detailed in a book.
Highlights
- 2.25 crores in just 8 minutes!
- Grover had invested Rs 5 crore in food delivery company Zomato’s IPO on the stock market last year.
- Which ultimately gave him an additional profit of Rs 2.25 crores.
According to Grover, he was able to invest extra money for this extra interest at the time. 20 lakhs to pay additional interest to him for that reason. Oversubscription of Zomato’s stock cost Grover Rs 3 crore. Grover bought the shares at Rs 76 per share. After the end of the lock-in period in 2021, the stock started selling at Rs 116. And within 8 minutes of listing in the stock market, Grover sold all the shares he had bought. Grover sold that at Rs 136 per share. “When the sale was over, I saw a profit of Rs 2.25 crore,” says Grover.
However, the Kotak Mahindra dispute over Nike shares with Grover later started.
Even, Grover threatening a bank employee of Kotak Mahindra over the phone for not agreeing to the share allotment of Nike’s IPO, this phone conversation also went viral. About which there is a lot of noise. Grover didn’t want to take it too seriously though. But Grover went on to adopt the same strategy for another IPO. However, it did not succeed. Grover suffered a loss of Rs 25 lakh there. Although Grover has his own philosophy on investing, he has never had much interest in investing in public equity portfolios. Rather, Grover said in the book that he prefers to invest where there is more risk.
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