The initial public offering (IPO) of Zomato opened on Wednesday, with more than 36 per cent of shares offered being subscribed in the initial hours. The offer accepted bids for 26.10 crore equity shares against an IPO size of 71.92 crores, stock exchange data showed.

Retail investors attempted 1.91 times the part reserved for them. Against 12.95 crore shares reserved for individual retail investors, 24.76 crore shares were bid by 13.30 hours. Non-institutional investors put in bids for 7 per cent against their reserved portion.

The portion set apart for employees was subscribed 6 per cent, while qualified institutional buyers have put in bids for 2.69 lakh equity shares against their owned amount of 38.88 crore equity shares. Shares in the IPO, which is the biggest in India this year, are offered in a price band of Rs 72-76 per share. Zomato has already assembled Rs 4,196.51 crore from 186 anchor investors on July 13, a day before the issue opening. The IPO size has been reduced to Rs 5,178.49 crore from Rs 9,375 crore earlier.

The company, which Jack Ma’s Ant Group Co. backs, is the first from a long list of Indian unicorn startups to launch an IPO. It is also the first among Indian online food platforms. The IPO will provide Zomato with a valuation of Rs 64,365 crore, which is considered the second-biggest since SBI Cards and Payment Services Rs 10,341 crore issue in March 2020.