The initial public offering, or IPO, of food delivery platform Zomato was oversubscribed 38.25 times when trading closed at 5 pm on Friday, data from the Bombay Stock Exchange showed. The IPO, which opened on Wednesday, is now closed for subscription

The offer received bids for over 27,512 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.

Retail investors oversubscribed the shares reserved for them 7.45 times, while non-institutional investors bid 32.96 times their portion, according to BSE data. Meanwhile, employees of Zomato have subscribed 62% of the shares set aside for them.

Zomato 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 aimed to 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.

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.

Zomato, which will be the first Indian unicorn startup to get listed, is expected to make its debut in the markets on July 27. Jimeet Modi of brokerage firm Samco Securities said that the “insane demand” for the Zomato IPO was because retail investors were looking to make listing gains, Reuters reported.

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 investors included big names such as Tiger Global, BlackRock, JPMorgan and Morgan Stanley.