Food delivery company Zomato’s shares briefly touched a record mark of Rs 105, marking a little over 2 per cent increase following the opening bell on Monday. This is the highest stock price the company’s shares reached since February 2022.

Zomato share ended the day at Rs 102.14. However, the company’s share is still trading 18 per cent below the IPO price of Rs 126.

Zomato went public in July 2021, with a price range of Rs 72 to Rs 76 per share. Initially it debut at Rs 115 and quickly surged to Rs 170 within a few weeks. However, over the past one year, share prices were trading between Rs 45 to 70 per share.

Recently, SoftBank said that it is looking to offload its remaining stake in the foodtech entity through the public market based on its share price movements. Tiger Global, one of Zomato’s top share holders, exited the food delivery firm in August by selling its remaining shares for Rs 1,123.85 crore.

Moreover, it has also dissolved its subsidiary in Slovakia and Portugal to renew its focus on Indian operations.

Zomato made a profit of Rs 2 crore in the first quarter of FY24, a significant improvement from the loss of Rs 186 crore in the same quarter last year. The company’s revenue also grew by 71 per cent to Rs 2,416 crore compared to Rs 1,414 crore in the previous year’s first quarter. This growth was driven by the success of Zomato’s Hyperpure segment.