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Zomato IPO opens for subscription today

Wednesday, July 14, 2021, 10:00 Hrs  [IST]

According HT, Zomato will launch its three-day initial public offering or IPO on July 14. Zomato IPO will be India's biggest this year and the company aims to raise INR 9,375 crore through the offer at INR 72-76 per share price band. Zomato's maiden offer will comprise a fresh issue of INR 9,000 crore and the sale of shares worth INR 375 crore by existing investors, according to its red herring prospectus. The Zomato IPO comprises a fresh issue of equity shares worth INR 9,000 crore and an offer-for-sale (OFS) worth INR 375 crore by existing investor Info Edge (India), the parent company of, according to the draft red herring prospectus. The Zomato IPO will have 75 per cent reservation for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 10 per cent of the issue will be available for retail investors. After the IPO, Zomato's valuation will be more than the combined market capitalisation of five listed fast food and restaurant companies. Zomato's 2019-20 revenue jumped over two-fold to around INR 2,960 crore from the previous fiscal year and its earnings before interest, taxes, depreciation and amortisation (EBITDA) loss was around INR 2,200 crore. Zomato raised USD 250 million or over INR 1,800 crore in February in funding from Tiger Global, Kora and others, valuing the online food ordering platform at USD 5.4 billion or around INR 40,000 crore. Zomato filed preliminary papers with the Securities and Exchange Board of India (Sebi) in April and got the market regulator's nod last week to float the IPO. Shares of Zomato will be listed on both BSE and NSE.

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