Food delivery start-up Zomato’s initial public offering (IPO), the first by an Indian unicorn, drew bids worth Rs 2 trillion as it was subscribed more than 38 times on Friday. Zomato received bids for 27.5 billion shares against the 719 million on offer. Nearly three-fourths of the bids came from institutional investors, with the qualified institutional buyer (QIB) portion garnering 52 times subscription. Investment bankers said several investors didn’t get adequate allotment in the anchor book and the demand spilled over into the IPO. The high net-worth individual (HNI) portion was subscribed nearly 33 times, and the retail portion by over seven times. The employee portion of the IPO remained undersubscribed at 0.6 times. “There’s no doubt that the success of the Zomato IPO and the filing of DRHP (draft red herring prospectus) by other consumer tech titans like Paytm are watershed moments for the overall start-up ecosystem and depicts the maturity of the Indian stock markets. It’s definitely a shot in the arm for all start-ups, whether unicorns or early-stage,” said Ankur Bansal, co-founder and director, BlackSoil. Paytm, Nykaa, Policybazaar, and MobiKwik, among others, are waiting in the wings to launch their IPOs.