Zomato IPO: Top shareholder Info Edge will promote shares price Rs 7.5 billion within the IPO
Food supply startup Zomato, backed by China’s Ant Group, has filed for an preliminary public providing of as much as Rs 82.5 billion ($1.11 billion) as shoppers more and more flip to ordering meals on-line in the course of the COVID-19 pandemic.
Launched in 2008, Zomato is considered one of India’s most distinguished startups. It is current in 24 nations and employs greater than 5,000 folks, in accordance with its web site. In February, the corporate had raised $250 million from 5 buyers together with 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 providing will comprise a contemporary challenge of shares price as much as Rs 75 billion.
The firm mentioned it intends to make use of the proceeds to fund progress initiatives and normal company functions. Top shareholder Info Edge will promote shares price Rs 7.5 billion within the IPO. The firm, together with home rival Swiggy, backed by Accel, dominates the Indian meals supply market, which analysis agency RedSeer estimates is price $4.2 billion.
India has been one of many hottest IPO markets up to now in 2021, helped by a flood of international cash and excessive curiosity from mom-and-pop buyers. However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for shares and IPOs. Well-known home manufacturers and names similar to Barbeque-Nation Hospitality and Macrotech Developers noticed a muted response to their inventory market listings.
Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead e book working managers for Zomato’s IPO.
