SECURITY ANALYSIS

POST MID-TERM
ASSIGNMENT

SUBMITTED BY:

UNNATI TAYAL 223

RAVI THAPA 249
JAYANT BANSAL 079
ROHIT ANAND 157
PARTH KARIA 125

A
STUDY ON
INITIAL PUBLIC OFFERING
(IPO) ANALYSIS OF
ZOMATO
ABSTRACT
The aim of this study is to understand IPO, its processing and advantages &
disadvantages in reference with Zomato. We also understand the reason behind
Zomato to go public and its growth prospects. Market position of Zomato is
analysed for next 10 years with certain assumptions and this study also talks
about evolution of Zomato in pre & post – IPO era. And, the research is based
on the data from NSE India & BSE India. We also analyse price of share of
Zomato and found that it is overpriced.

1. INTRODUCTION
Zomato is an Indian multinational restaurant aggregator and food delivery
company founded by Deepinder Goyal, Pankaj Chaddah, and Gunjan Patidar in
2008. Zomato offers restaurant information, menus, and user ratings, as well as
food delivery from partner restaurants in a few cities. Customers can search and
discover restaurants, order food delivery, book a table, and make payments for
dining out at restaurants through the B2C segment, while the B2B segment
generates revenue through Hyperpure (supply of high-quality ingredients and
kitchen products to restaurants) and Zomato Pro, a customer loyalty
programme.

Zomato has a strong presence in 23 countries as of December 31, 2020, with

131,233 active food delivery restaurants, 161,637 active delivery partners, and
an average monthly food order of 10.7 million customers. It aims to change the
eating habits of India's 1.36 billion people. Its initial public offering (IPO) in
mid-July was 35 times oversubscribed, valuing the company at $12 billion.
Despite operating in the traditional food industry, Zomato exemplifies a modern
tech company, and its successful IPO can teach us what a modern tech company
is — and isn't. It has the ability to transform entire industries, achieve rapid
scale and scope expansion, and generate enormous profits, all without requiring
significant capital investments. The authors outline six characteristics that
distinguish Zomato as a tech company.

2. LITERATURE REVIEW
SWOC ANALYSIS OF ZOMATO – A CASE OF ONLINE FOOD
DELIVERY SERVICES: Dsouza Prima Frederick, Sachin K. Parappagoudar
The introduction of digital technologies has boosted the use of creativity and
reshaped existing markets. The Indian economy has been influenced by the
worldwide boom in the digital industry. With the advent of digitalization, the
food industry has adopted an e-commerce platform that allows customers to
place orders via mobile apps and have food delivered to their doorsteps. Among
many such service providers, Zomato is one of the most popular apps that offers
customers an online food delivery service while also allowing them to explore
restaurants. Through this study we came to know about IPO analysis. In order to
improve service capabilities, the overall analysis suggested that Zomato explore
rural areas and provide virtual restaurant tours. Zomato's positioning strategy is
well defined to capture the market, but it needs to frame more strategies to
survive in a competitive environment, according to the study. Zomato's
ramifications have been discussed.
DO ABNORMAL IPO AUDIT FEES SIGNAL IPO AUDIT QUALITY AND
POST-IPO PERFORMANCE? A PRINCIPAL-AGENT ANALYSIS BASED
ON EVIDENCE FROM CHINA: K. Hung Chan; Phyllis Lai Lan Mo; Weiyin
Zhang.
According to K. Hung Chan; Phyllis Lai Lan Mo; Weiyin Zhang using a sample
of initial public offering (IPO) audits in China, they assess the unexplained
information content of abnormal audit fees. It discovers that abnormal IPO audit
fees are linked to pre-IPO real-world activity manipulation, implying a lower
audit quality for IPO financial statements. It also discovered that unusual IPO
audit fees are associated with poor post-IPO financial performance. These
findings point to a strong alignment of interests between the principal (pre-IPO
shareholders) and its agent (the auditor), who is willing to cooperate with the
principal in exchange for additional economic rents (abnormal audit fees). The
findings that abnormal IPO audit fees are linked to lower audit quality and can
predict post-IPO financial performance have significant implications for audit
regulators, IPO market participants, and the applicability of agency theory to
IPO audits.

3. UNDERSTANDING OF INITIAL PUBLIC OFFERING (IPO)

Initial Public Offerings (IPOs) are an interesting take on the market psyche
because they involve both issuer supply and investor demand. In a new stock
issuance, it refers to the process of offering shares of a private corporation to the
public. An initial public offering (IPO) allows a company to raise funds from
the general public. Firms may decide to go public when they are able to
demonstrate positive growth opportunities and thus induce optimistic
valuations, or they may decide to go public when they are able to take
advantage of a "windows opportunity" during periods of market buoyancy when
companies have an incentive to issue new shares based on an overvaluation of
other companies in their industry. The transition from a private to a public
company, which typically includes a share premium for current private
investors, can be an important time for private investors to fully realise gains
from their investment. Meanwhile, public investors are allowed to participate in
the offering.
3.1 Processes involved in IPO
Step 1: Hiring Of An Underwriter Or Investment Bank
The company will enlist the help of financial experts, such as investment banks,
to begin the initial public offering process. The underwriters provide assurance
to the company about the capital raised and act as a link between the company
and its investors. The experts will also examine the company's critical financial
parameters and sign an underwriting agreement. The following items are
usually included in an underwriting agreement:
Details of the deal
Amount to be raised
Details of securities being issued

Step 2: Registration for an Initial Public Offering

This IPO step entails drafting a registration statement as well as a draught
prospectus, also known as the Red Herring Prospectus (RHP). According to the
Companies Act, submitting a RHP is required. This document contains all
mandatory disclosures required by the SEBI and the Companies Act. Here are
some of RHP's most important features:
Definitions: It includes a glossary of industry-specific terms.
Risk Factors: This section discusses the potential for a company's finances to be
impacted.
Use of Proceeds: This section explains what will be done with the money raised
from investors.
Industry Description: This section describes how the company operates within
the industry segment as a whole. If the company is in the IT industry, for
example, the section will include forecasts and predictions for the industry.
Business Description: The company's core business activities will be described
in detail in this section.
Management: Information about key management personnel can be found in
this section.
Financial Description: The financial statements and the auditor's report are
included in this section.
Legal and Other Information: This section contains information about the
company's legal issues as well as other information.
Three days before the offer is open to the public for bidding, this document
must be submitted to the registrar of companies. In addition, the SEC rules must
be followed when submitting a registration statement. Following submission,
the company can apply to SEBI for an IPO.

Step 3: SEBI verification:

The company's disclosure of facts is then verified by SEBI, the market

regulator. If the application is approved, the company will be able to announce
an IPO date.

Step 4: Introducing Yourself To The Stock Exchange

The company must now apply to the stock exchange to have its initial offering
floated.

Step 5: Getting the Word Out By way of roadshows

Before an IPO goes public, the company uses roadshows to generate interest in
the market. The company's executives and employees will advertise the
impending IPO across the country for two weeks. This is a marketing and
advertising strategy used to entice potential investors. The company's key
accomplishments are shared with a variety of people, including business
analysts and fund managers. Question and Answer sessions, multimedia
presentations, group meetings, online virtual roadshows, and other user-friendly
measures are used by the executives.

Step 6: Initial Public Offering (IPO) Pricing

The company can now begin pricing its initial public offering (IPO) through a
Fixed Price IPO or a Book Binding Offering. The price of the company's stock
is announced in advance in the case of a Fixed Price Offering. In the case of a
Book Binding Offering, a 20% price range is announced, after which investors
can place bids within that price range. Investors must bid according to the
company's quoted Lot price, which is the minimum number of shares to be
purchased, during the bidding process. Aside from that, the company has an
IPO Floor Price, which is the lowest bid price, and an IPO Cap Price, which is
the highest bid price. Typically, the booking period lasts three to five working
days, and investors have the option to revise their bids within that time frame.
The company will determine the Cut-Off price, which is the final price at which
the issue will be sold, after the bidding process is completed.

Step 7: Allotment of shares.

Once the IPO price has been set, the company and the underwriters will decide
how many shares each investor will receive. In the event of an overabundance,
partial allotments will be made. Within 10 working days of the last bidding
date, the IPO stocks are usually distributed to the bidders.

3.2 Advantages and Disadvantages of an Initial Public Offering

Advantages
1. Raising Capital:
Companies will raise significant amounts of capital through an initial public
offering (IPO) and subsequent funding rounds to fund general corporate
operations, growth opportunities, research and development, marketing, and
capital expenditures.

2. Gaining Higher Share Valuation:

Privately held shares have less liquidity than those traded on a public stock
exchange like the New York Stock Exchange (NYSE) or Nasdaq. The stock
price is higher and the company's market cap is higher.

3. Funding for M&A Transactions:

With a higher valuation, the stock of the company can be used to complete
corporate M&A transactions with less cash raised or fewer shares exchanged.
An IPO or future stock offerings can be used to raise cash for M&A. Successful
mergers and acquisitions result in synergy and increased revenue and earnings
for the company.

4. Reducing Corporate Debt:

To reduce interest costs and improve cash flow and their debt-to-equity ratio,
public companies may retire debt through their initial public offering (IPO) or
subsequent share offerings.

5. Maintaining Corporate Identity and Increasing Public Awareness:

When a company opts for an IPO rather than being acquired by another
company as an exit strategy, it keeps its corporate name and status. The
corporation's continued existence as a parent company, as well as its name
recognition, may have significance for the company's founder.
Through press releases and financial media coverage, companies that go public
become more recognizable and gain the attention of potential customers and
new strategic partners. Because public companies must publicly disclose
information, including financial statement results, they are more transparent
than private companies.

6. Attracting Employees and Employee Retention:

Stock grants and public stock option plans can help companies attract
employees with a lower risk tolerance. Current employees will be eligible for
new stock options or stock purchase plans at a discounted rate.
Although entrepreneurial employees can earn higher stock rewards as early-
stage pre-IPO investors, some employees prefer to work for larger public
companies rather than startups.

Disadvantages
1. Time Commitment:
The IPO process is lengthy and time-consuming, and it can begin up to two
years prior to an initial public offering on the stock exchange.

2. Distractions from work and opportunities squandered:

Employee workloads will expand beyond the regular job when a pre-IPO
company completes numerous required projects and holds meetings during the
IPO process. Some tasks will go unfinished, or errors will be made. It's possible
that the IPO process will result in a cost of missed opportunities for growth. To
mitigate these risks, staffing levels will need to be increased.

3. Cost of Issuing Shares in an IPO:

For shares sold in the IPO, the investment banker syndicate serving as
underwriters receives a sizable percentage-based underwriting fee. According to
Statista, IPO underwriting fees in the United States ranged from about 4% to
7% in 2017, depending on deal size. Because underwriting fees are deducted
from the IPO gross proceeds, the IPO company's substantial capital raise
mitigates this disadvantage.

4. Managing for Short-Term Quarterly Results instead of Long-Term Goals:

Instead of focusing solely on long-term business plans, public companies must
develop strategies to meet short-term revenue and profit (or loss) projections.
Stock prices usually plummet when financial estimates are missed. For
company executives, this short-term focus can be frustrating.
5. Public Information Scrutiny:
Private companies, which are accustomed to keeping information private, must
prepare to share financial reports and disclosure information with the public,
including competitors. If releasing information to the public is a strong
objection to going public, the company may decide not to go public.

6. Risk of Not Completing the IPO Process:

Assume that the capital markets are not conducive to the completion of an
initial public offering. The time and money spent by a company on PCAOB-
compliant audits and services from consultants, prominent CPAs, and securities
law firms cannot be justified if the company will not receive IPO proceeds.

7. Higher Weighted Average Cost of Capital:

The cost of equity is higher than the cost of debt, according to the capital asset
pricing model (CAPM). The company's weighted average cost of capital will
rise as new public equity is raised (WACC). WACC is a decision-making
criterion used to assess capital expenditure projects that are expected to
contribute to growth. The substantial amount of capital that can be raised in an
IPO mitigates this objection.

4. IPO Analysis Of Zomato

4.1. Why has the Zomato elected to go public?

Zomato was seeking an IPO valuation of $10 billion amid a surge in online
food-ordering, restaurant-bookings and subscriptions for Zomato Pro
businesses, two people familiar with the development told mint, that`s why it
elected to go public because:
1. IPO is the Cost-Efficient Way to Raise Capital:
The cost of equity is higher than the cost of debt, according to the capital asset
pricing model (CAPM). The company's weighted average cost of capital will
rise as new public equity is raised (WACC). WACC is a decision-making
criterion used to assess capital expenditure projects that are expected to
contribute to growth. The substantial amount of capital that can be raised in an
IPO mitigates this objection.

2. IPO Boosts Liquidity and Profitability for Existing Shareholders:

A small number of shareholders invest capital to get a private company off the
ground. As the company grows and acquires more customers, the shareholders
begin to profit.
The company's brand value and market goodwill, on the other hand, cannot be
monetized until it goes public.

3. It Enhances the Credibility of the Company:

The Securities and Exchange Board of India (SEBI) oversees the stock market
and has established some strict guidelines for companies seeking to go public.
People can be confident that if a company is launching an IPO, it has met
SEBI's requirements and is thus a strong company. This contributes to its
overall credibility.

4. IPO Boosts Market Presence:

Every month, new initial public offerings (IPOs) are announced. Moreover,
many investors are unaware that a company is launching an IPO and only learn
about it during the launch period.
Investors begin researching the company, reading up on its business and
financials, and so on as the company promotes and advertises its public
offering. This contributes to the company's increased market presence. It can
also use the publicity to expand its business.

4.2. What will Zomato be doing with the money raised by the IPO?
Zomato intended to utilize the proceeds from IPO to fund organic and inorganic
growth initiatives and for general corporate purposes.

4.3. What is the competitive landscape in the market for Zomato?

Swiggy, DoorDash, GrubHub, Deliveroo are the top competitors for Zomato
and it is having an edge over its competitors through:
1. It makes extensive use of several marketing tools, including SEO and SEM.
Additionally, offline tools such as publicity for out-of-home and business-to-
business are used, as well as word-of-mouth.
2. It also uses TV ads on occasion during peak periods of activity, such as
Diwali, New Year's Eve, and so on.
3. Synthetic version of its parent restaurant-finder service, with huge head starts
and a large customer base, as well as strong market positioning and annual sales
growth of 210 percent.
4. It has a user-friendly international mobile application for Google Android,
Windows Phone, IOS, and Blackberry devices. It started advertising on its
mobile apps, which was fueled by the increased traffic on those apps.
5. It concentrates on digital marketing channels for attracting new customers. It
has also used other tools in its marketing, such as coupons, price reductions, and
referrals, in addition to phone calls and direct mail.
6. Zomato employs a large field sales force. The ZOMANS, as the ZOMANS
Members are known, work with business owners to sell ad space in a non-
technical manner so that people who aren't tech-savvy can become aware of
what's available and customers can choose from a variety of options.
7. Zomato places a high value on customer engagement, and as a result, they are
extremely interactive with customers via social media and apps.
8. It has proven to be a large, user-friendly platform for finding food across
multiple regions, with well-organized information about restaurants, nightlife,
coffee shops, and fine dining that are popular among teenagers and foodies.
9. Customers can use the Zomato App to access the Zomato Gold/ Zomato
Treats service, which requires them to pay a one-time fee to obtain an annual
membership number.

4.4. What are Zomato`s growth prospects?

1. Concentrate on both unit economics and growth at the same time.
2. Expand and strengthen the community across the company's three businesses:
food delivery, dining, and Hyperpure.
3. For the benefit of their customers, invest in new products, technologies, and
features.
4. Continue to put money into establishing a strong brand across the country.

Zomato opened IPO on 14 July, 2021 and closed it on 16 July, 2021. And, it
allotted IPO on 22 July, 2021 and unblocked it on 23 July, 2021. On 26 July,
2021, Zomato credited shares to DP account and finally on 27 July, 2021 the
trading commenced.
Zomato issued an amount of INR 9,375 Cr (Fresh Issue: INR 9000 Cr, OFS:
375 Cr). Post issue it implied market cap of INR 59,623 Cr at upper band. It
offered a total share of upto 1,302,083,333 equity shares. The face value was
taken as INR 1 per share and the price band was INR 72 to 76. The Lot Size
was of 195 shares and the registrar was Link Intime India Private Limited. The
category was issue break – up %, QIB was 75%, NIB 15%, Retail 10% and
Total 100%.

4.5. Consolidated data of Zomato for 2nd quarter (1 April, 2021 to 30 June,
2021)

Type Un-Audited
Period Ending 30-Jun-21
No. of Months 3
Description Amount (Rs. million)
NS_IEOI 7,579.00
Other_Income 704
PBT -2,908.00
Net_Profit -2,908.00
Equity_Cap 6,381.14
Net Profit Margin -38.37

Dat+L2+A1:N26
series OPEN HIGH LOW PREV. CLOSE
ltp close vwap 52W H 52W L VOLUME VALUE No of trades
27-Aug-21 EQ 126.6 129.5 124.1 125.85 124.95 124.7 126.49 147.8 115 22227595 2,81,15,59,981.10 95008
26-Aug-21 EQ 125.25 127.15 124.35 124.25 125.4 125.85 126 147.8 115 20645403 2,60,12,97,546.65 104822
25-Aug-21 EQ 126 128.5 123.1 125 123.5 124.25 126.29 147.8 115 51078811 6,45,07,41,288.80 205459
24-Aug-21 EQ 127.25 127.95 120.5 127.25 124.65 125 123.88 147.8 115 56713556 7,02,56,17,193.90 275805
23-Aug-21 EQ 137.8 137.8 124.75 139.3 128.15 127.25 129.97 147.8 115 68470861 8,89,92,91,551.25 320725
20-Aug-21 EQ 134.95 141.45 133 134.95 137.45 139.3 138.54 147.8 115 53789580 7,45,18,23,346.85 230402
18-Aug-21 EQ 134.5 136.8 133.3 132.5 134.5 134.95 135.32 147.8 115 22566920 3,05,36,69,303.25 106963
17-Aug-21 EQ 132.8 134.35 130.6 134.95 132.3 132.5 133.16 147.8 115 15815187 2,10,59,23,272.00 68974
16-Aug-21 EQ 136.4 136.9 132.25 137.35 132.8 134.95 135.26 147.8 115 20305361 2,74,64,21,817.30 115022
13-Aug-21 EQ 133.85 139.75 132.1 135.45 138.25 137.35 135.44 147.8 115 33674300 4,56,09,27,903.50 133386
12-Aug-21 EQ 135.65 137.4 132.05 135.65 134.25 135.45 134.71 147.8 115 51256670 6,90,49,60,638.95 177700
11-Aug-21 EQ 123 138.75 123 125.2 136.9 135.65 131.58 147.8 115 111702781 14,69,77,64,219.90 387786
10-Aug-21 EQ 131 131.45 122.1 130.6 125 125.2 126.82 147.8 115 43164004 5,47,39,95,627.60 223169
09-Aug-21 EQ 132.4 133.55 127.25 131.35 130.7 130.6 130.01 147.8 115 41358299 5,37,68,08,522.40 202310
06-Aug-21 EQ 135.5 136.2 130.1 134.95 131.75 131.35 132.41 147.8 115 31975356 4,23,37,43,397.95 146049
05-Aug-21 EQ 138.75 138.9 132 138.4 135.3 134.95 134.49 147.8 115 38437134 5,16,95,56,725.35 178897
04-Aug-21 EQ 139.8 141 135.25 139.4 137.1 138.4 138.08 147.8 115 41134419 5,68,00,17,058.80 175364
03-Aug-21 EQ 137 140.8 137 139.7 138.5 139.4 139.04 147.8 115 46610001 6,48,05,74,826.25 189764
02-Aug-21 EQ 135.75 140.75 135.15 133.5 138.45 139.7 138.14 147.8 115 66909732 9,24,26,37,574.35 295910
30-Jul-21 EQ 142.6 142.7 131 141.55 134.45 133.5 136.46 147.8 115 88312522 12,05,14,93,787.80 348520
29-Jul-21 EQ 134.95 144 132.2 131.2 142.25 141.55 137.73 147.8 115 117973089 16,24,87,96,568.35 489222
28-Jul-21 EQ 131 135 123.55 132.9 133 131.2 127.9 147.8 115 159793731 20,43,70,12,592.05 627048
27-Jul-21 EQ 141.7 147.8 127.75 140.65 130.65 132.9 141.09 147.8 115 240341900 33,90,96,84,267.35 1075475
26-Jul-21 EQ 126.35 143.75 125.3 126 138.05 140.65 134.63 143.75 115 249723854 33,62,03,24,359.75 1034160
23-Jul-21 EQ 116 138.9 115 76 125.3 126 124.12 138.9 115 694895290 86,25,27,47,421.30 2428917
5. RESEARCH METHODOLOGY
The research is descriptive in nature and the data is collected using secondary
data sources. Data of number of trades, volume, equity price is taken from NSE
INDIA and data of net profit, Equity cap, PBT is taken from BSE INDIA. Some
data is also collected from magazines and certain other websites. The research is
done for the 2nd quarter of fiscal year 2021.

6. DATA ANALYSIS

Growth is evident from above analysis. In August, 2010 INFO EDGE invested
in Zomato at that time, valuation of company was INR 14.20 (in Cr.) and the
share price was INR 803.7-803.9. In Nov., 2013 SEQUOIA invested in Zomato
and at that time the post money valuation was INR 999.90 (in Cr.) and the share
price was INR 26979.9. Then, in Sep., 2015 Zomato became a UNICORN and
at that time post money valuation was of INR 6,351.6 (in Cr.) and the share
price was of INR 136395.6. ANTI FINANCIAL invested in Zomato in Feb.,
2018, at that time the post money valuation was of INR 6,620.3 (in Cr.) and
share price was of INR 1,16,267.2. In Jan., 2020 Zomato kicked-off its PRE –
IPO round with the post money valuation of INR 22,849.7 (in Cr.) and the share
price was of INR 1,80,153 – 3,00,235.2. And, in Feb., 2021, the shareholding in
Zomato at that time, the valuation of the company was INR 38,698.6 (in Cr.)
and the share price was INR 3,00,235 – 3,90,000.
Assuming that risk value is low, given the company post- IPO cash balance and
access to capital and is operating risk reflects its exposure to Indian Country
Risk. This is done for next 10 years with certain assumptions mentioned in the
table.
PV (Terminal value): Rs 225,869.40
PV (CF over next 10 years): Rs 50,979.90
Value of equity: Rs 397,374.81
No. of shares: 7,946.68
Value per share: Rs 40.79
Stock was offered at: Rs 70.00
As we know that Bond price is the present discounted value of future cash
stream generated by a bond. It refers to the sum of the present values of all
likely coupon payments plus the present value of the par value at maturity. To
calculate the bond price, one has to simply discount the known future cash
flows. So, here the bond is overpriced.

CONCLUSION
Zomato has a strong brand recognition among Indian customers of all ages.
Zomato had a presence in 23 countries as of December 31, 2020, with 1.31 lakh
active food delivery restaurants and 1.61 lakh active delivery partners.
Despite the fact that the pandemic had a negative impact on the business in FY
2020, experts believe Zomato has a bright future.
High entry barriers and a food delivery duopoly (Zomato and Swiggy) would
command a premium over global peers. Zomato IPO was over-subscribed on
the 1st day. On 23rd July, 2021 it was traded 24,28,917 times and its opening
price was Rs 116 and highest price on that day was Rs 138.9. Over the time it
started decreasing and on 27 August, 2021, no. of trades was 95,008 and
opening price on that day was Rs 126.6 and highest was Rs 129.5 and closing
price was Rs 124.7.
There is a lot of room for growth in food services industry in India and Zomato
will continue to expand its operations. They have announced strategic plans to
scale up the Hyperpure and Zomato pro-offerings as well.
Due to over-subscriptions and grey market premium (GMP), investors of the
IPO are likely to receive substantial listing gain.
However, many feels that the start-up`s variation is very high. Furthermore, due
to the IPO's disappointing financials, many investors are likely to avoid it. There
are also rumors that Amazon will enter the Indian food delivery market, putting
Zomato up against more competition. Many of its global acquisitions have
failed to deliver results in recent years, and the company has yet to break into
international markets. As can be seen, there are many unknowns surrounding
Zomato. So, we suggest before buying share of Zomato, investor should
carefully analyse pros and cons of Zomato`s IPO and invest accordingly.

LIMITATIONS
This study is time constraint. Most of the data used in this study is of 2 nd quarter
of fiscal year, 2021. And, we have also calculated Zomato`s expected position
in next 10 years with some assumptions. The result may vary because the
market is very dynamic and there is a strong chance that Amazon may enter in
this sector in India.

SCOPE OF THE STUDY

1. This study helps the researcher for further research on Zomato`s IPO.
2. This study also helps investors to understand about Zomato`s market
condition in pre & post- IPO era.
3. The study will also be useful to the Securities and Exchange Board of India
and Government in making policies and issuing guidelines in future regarding
IPOs.

REFERENCES
1. SWOC ANALYSIS OF ZOMATO – A CASE OF ONLINE FOOD
DELIVERY SERVICES: Dsouza Prima Frederick, Sachin K. Parappagoudar
2. DO ABNORMAL IPO AUDIT FEES SIGNAL IPO AUDIT QUALITY
AND POST-IPO PERFORMANCE? A PRINCIPAL-AGENT ANALYSIS
BASED ON EVIDENCE FROM CHINA: K. Hung Chan; Phyllis Lai Lan Mo;
Weiyin Zhang.
3. SME Financing: IPO ISSUE AND POST-IPO ANALYSIS
Ashish Sharma, Prashant Gupta
Effulgence 16, 1-10, 2018
4. Pre and Post Analysis IPO Analysis of TNM Limited–Lessons for Malawi
Capital Market
Brian Phiri Kampanje
Available at SSRN 2002878, 2012
5. https://www.nseindia.com/
6. https://www.bseindia.com/
7.https://www.google.com/url?sa=t&source=web&rct=j&url=https://
en.m.wikipedia.org/wiki/
Zomato&ved=2ahUKEwiSw8TDudjyAhUw8HMBHbuwBJwQFnoECAUQAg
&usg=AOvVaw3YWoTPwNgAy3iGRAwJYfcz