The initial public offering, or IPO, of food delivery platform Zomato was oversubscribed 1.05 times when the trading closed at 5 pm on Wednesday, data from the Bombay Stock Exchange showed. The offer has received bids for 75.60 crore equity shares against the IPO size of 71.92 crore.

An IPO is a process in which private companies offer shares to the public through issuance of new stocks. At the end of the IPO process, the company gets listed on the stock exchange and is allowed to raise capital from public investors.

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Zomato had filed for an IPO in late April. The company has priced its IPO at a price band of Rs 72 to Rs 76 per equity share. At the top end of the band, the company could raise Rs 9,375 crore. Of this, fresh shares are worth Rs 9,000 crore, while offer for sale of shares amounts to Rs 375 crore, according to the price brand advertisement put out by the company.

The IPO which opened on Wednesday morning will close on Friday. Offer for sale of shares allows promoters of a company to reduce their holdings. In this case, Zomato’s largest existing shareholder, Info Edge, is offering shares worth Rs 375 crore.

So far, retail investors have oversubscribed the portion reserved for them 2.69 times, according to BSE data. Non-institutional investors have put in bids for 13% of their reserved portion. Meanwhile, employees of Zomato have subscribed 18% of the shares set aside for them.

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Meanwhile, in a release to the exchanges on Tuesday, Zomato informed that it has already raised Rs 4,196.51 crore from 186 anchor investors ahead of its IPO opening. The anchor investors subscribed 55,21,73,505 of Zomato’s equity shares at the top end of the price band of Rs 76.

“The IPO is expected to generate lot of interest given the company uniqueness, large opportunity size and some evidence of scale economies,” brokerage firm Yes Securities told Moneycontrol. They added that investors are expected to garner listing gains as a result of the frenzy around the IPO.