Ashneer Grover
Ashneer Grover, a businessman, disclosed that when Zomato shares were listed on stock exchanges, he made 2.25 crore in just 8 minutes. Grover claimed in his book “Doglapan” that he applied for shares during Zomato’s IPO valued at $100 crore but only received stock valued at 3 crores. “After the Zomato IPO, I became a little greedy and invested in the CarTrade IPO, but I lost 25 lahks,” he continued.
However, the case included straightforward leverage—IPO financing. While I put up Rs 5 crore from my own money, Kotak Wealth secured me finance for Rs 95 crore at a weekly interest rate of 10%. (the period for which IPO funds get blocked). For purchasing the shares, an additional expense of Rs 20 lakh in interest was incurred, according to Grover’s statement in the Penguin book. I made around Rs 2.25 crore with a landing cost after the interest of between Rs 82 and Rs 85, according to the face of start-up India.