Online food delivery platform Zomato's Rs 9,375 crore initial public offering was oversubscribed 4.8 times on the second day on Thursday as retail investors continued to pour in bids.
Zomato got bids for 344.76 crore shares against 71.92 crore shares on offer, stock exchange data showed.
The IPO is set to be India's biggest since March 2020.
On the opening day on Wednesday, bids for 75.60 crore equity shares were received.
Retail investors, who had sought 34.88 crore shares against 12.95 crore reserved for them on the opening day, added almost an equal number on Thursday.
Retail investors have sought total 61.25 crore shares or 4.7 times the quota reserved for them.
Qualified Institutional Buyers (QIBs) too bid 7 times their reserved quota of 38.88 crore shares.
But the quota of non-institutional investors and employees wasn't fully subscribed. While the portion set aside for employees has been subscribed 36 per cent, non-institutional investors have bid for 45 per cent of their quota.
The IPO is open for subscription till Friday in a price band of Rs 72-76 per share.
Zomato has already mobilised Rs 4,196.51 crore from 186 anchor investors on July 13, a day before the issue opened. The IPO size has been reduced to Rs 5,178.49 crore from Rs 9,375 crore earlier.
The company, backed by Jack Ma's Ant Group Co, is the first from a long list of Indian unicorn startups to launch an IPO. It is also the first among Indian online food aggregators.
The IPO, which will give Zomato a valuation of Rs 64,365 crore, is being touted as the second-biggest since SBI Cards and Payment Services'' Rs 10,341 crore issue in March 2020. It will surpass Indian Railway Finance Corp offering in January.
The Zomato IPO comprises a fresh issue of equity shares worth Rs 9,000 crore and an offer-for-sale (OFS) worth Rs 375 crore by existing investor Info Edge (India), which is the parent company of Naukri.com, according to the information provided in the draft red herring prospectus.
Zomato has said it will utilise the net proceeds from the fresh issue for funding organic and inorganic growth initiatives (Rs 6,750 crore) and general corporate purposes.
Incorporated in 2008, Zomato is present in 525 cities in India, with 3,89,932 active restaurant listings along with a presence in 23 countries outside India.