In his memoir 'Doglapan',
"My RMs (relationship managers), based on grey-market premiums, were expecting the Zomato share to list between ₹85-90, as against an issue price of ₹76. I, however, was certain that it would do far better. When the share opened on the listing day at ₹116 per share, I mandated them to sell all my shares," he wrote.
By the time the trade got executed, "I got a selling price of ₹136 per share. With my landing cost after interest being between ₹82-85, 1 ended up making over ₹2.25 crore," he said. "Within eight minutes of the Zomato IPO opening, I had made over ₹2.25 crore."
Grover said that he became a little greedy post the Zomato IPO.
"I went in for the Car Trade IPO but ended up losing ₹25 lakh there," he said.
Grover, currently facing a court case filed by BharatPe that he co-founded, said that he was bullish on the Zomato IPO on several counts.
"Of course, I knew of Deepinder (Goyal), and I am a big believer in his ability to persevere and keep building big. Fundamentally, with the pandemic the ticket size of their orders had grown, as people were ordering food from home for 3-4 members in the family, as against single rolls in office, thereby increasing Zomato's absolute margins," he wrote.
Moreover, with restaurants completely dependent during lockdowns on app orders, there was no risk of the take-rate coming down.
"On the other hand, job insecurity among delivery boys kept delivery costs in check. In fact, COVID magically solved the food delivery economics in the country overnight, just like it skyrocketed
Grover was in a heated tussle with Kotak Mahindra Bank after their financing arrangement during the IPO of FSN E-Commerce Ventures Ltd., which owns Nykaa, failed to materialise.
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