BENGALURU: Food delivery startup Zomato, backed by China s Ant Group, has filed for an initial public offering of up to Rs 8,250 crore ($1.11 billion), as consumers increasingly turn to ordering food online during the Covid-19 pandemic.
Launched in 2008, Zomato is one of India s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website.
In February, the company raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion.
According to draft papers submitted to India s market regulator on Wednesday, Zomato s offering will comprise a fresh issue of shares worth up to Rs 7,500 crore. The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes.
Zomato IPO: Top shareholder Info Edge will sell shares worth Rs 7.5 billion in the IPO
Food delivery startup Zomato, backed by China s Ant Group, has filed for an initial public offering of up to Rs 82.5 billion ($1.11 billion) as consumers increasingly turn to ordering food online during the COVID-19 pandemic.
Launched in 2008, Zomato is one of India s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. In February, the company had raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. According to draft papers submitted to India s market regulator on Wednesday, Zomato s offering will comprise a fresh issue of shares worth up to Rs 75 billion.
Zomato Files for Rs. 8,250-Crore IPO as Food Delivery Surges in Pandemic
Zomato s offering will comprise a fresh issue of shares worth up to Rs. 7,500 crores. By Reuters | Updated: 28 April 2021 12:05 IST
Zomato said it intends to use the proceeds to fund growth initiatives and general corporate purposes
Highlights
Top shareholder Info Edge will sell shares worth Rs. 750 crores in IPO
India has been one of the hottest IPO markets so far in 2021
Zomato has filed for an IPO of up to Rs. 8,250 crores as consumers increasingly turn to ordering food online during the COVID-19 pandemic.
Launched in 2008, Zomato is one of India s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website.
Zomato s offering will comprise a fresh issue of shares worth up to Rs 7,500 crore.
Shares of Info Edge India, which has stake in food delivery service provider Zomato, rose as much as 3.14 per cent to hit an intraday high of Rs 5,100 on the BSE after Zomato filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) to raise up to Rs 8,250 crore through share sale via initial public offering (IPO).
The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. Top shareholder Info Edge will sell shares worth Rs 750 crore in the IPO. The company, along with domestic rival Swiggy, backed by Accel, dominates the food delivery market, which research firm RedSeer estimates is worth $4.2 billion.