Zomato's grey market premium is on a steady decline; here's why

Zomato shares were trading at a premium of 10 per cent in the grey market

The much awaited initial public offer (IPO) by online food delivery giant Zomato is struggling to capture interest in the grey market ahead of its share sale offer, with the premium for the company's shares on a decline.

The IPO which is priced in the range of Rs 72-76 per share looks to raise Rs 9,000 crore when it kicks off on Wednesday, July 14. "While the primary market is abuzz, the grey market premium has come off steadily to Rs 7.75 per share or 10 per cent in early Tuesday trade. As on Monday, the scrip was changing hands