Zomato share price nearly doubles from IPO price to hit all-time high

Food delivery platform Zomato's share price surged almost 5% to hit an all-time high of ₹147.8 during intraday trade on Tuesday. Its stock price has nearly doubled from the initial public offering (IPO) price of ₹76 per share. Brokerage firm UBS Securities said Zomato's share price is likely to rally 12% more and initiated a "buy" rating to the stock.