The listing was pushed forward by four days and comes as India’s stock market near 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 ($1.87), valuing the company at about $12bn.
Zomato’s share offering last week drew bids worth $46.3bn as it was more than 38 times oversubscribed, with big institutional placing major bets.
Ahead of the stock market debut, Zomato’s founder Deepinder Goyal tweeted “The future looks exciting. I don’t know whether we will succeed or fail – we will surely, like always, give it our best.”
On the day of our listing, here’s something I want to share with our shareholders, and India’s startup ecosystem. https://t.co/BAIM8bTATY
The future looks exciting. I don’t know whether we will succeed or fail – we will surely, like always, give it our best.
— Deepinder Goyal (@deepigoyal) July 23, 2021
In the year to the end of March, Zomato’s losses narrowed to around $110m, even as its revenue from operations fell slightly.
The home-grown food delivery platform, which was launched in 2008, operates in about 525 cities across India and partners with almost 390,000 restaurants.