Zomato IPO to raise Rs 8,250 cr
Online food delivery platform Zomato has filed for an initial public offering (IPO) with the Securities Exchange Board of India (SEBI), as the food delivery platform intends to raise Rs 8,250 crore (roughly $1.1 billion) this year amid the growing business in the pandemic.
In a draft red herring prospectus (DRHP) filed with the market regulator, Zomato said it aims to raise Rs 8,250 crore in capital by offering the company’s equity shares for sale.
Of this, Rs 7,500 crore will be through fresh issuance and the rest of the Rs 750 crore will be an offer for sale for its existing investor Info Edge. Zomato has already converted itself into a public limited company from a private one.
It is planning for a $750 million-$1 bn IPO later this year, as more and more people are ordering food online amid the ongoing pandemic. In February, Zomato raised $250 million (around Rs 1,800 crore) in a new funding round from five different investors. The transactions valued Zomato at a post-money valuation of $5.4 billion.
