India Zomato: Shares of food delivery app soar on market debut

Shares in Indian food delivery app Zomato surged 65.8% in its stock market debut on Friday.

The listing was pushed forward by four days and comes as India's stock market nears all-time highs.

The stellar performance reflected strong investor interest in internet-based start-ups that have done well during the pandemic.

In the run-up to the listing, some analysts raised concerns about the high valuation of the loss-making business.

Shares in the Ant Group- backed app traded as high as 138.9 rupees each (£1.36; $1.87), valuing the company at about $12bn.
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