Food delivery company Zomato has been approved by SEBI. The company wants to raise up to $ 1.2 billion through this. The company will offer equity shares of up to Rs 8,250 crore (approximately $1.1 billion).
Zomato IPO
Popular food delivery company Zomato’s IP has been approved by the Securities and Exchange Board of India (SEBI), China’s Ant Group-backed Zomato had applied for IPO in April. It is said that through this the company wants to raise up to $ 1.2 billion. According to sources, Zomato can list the issue by mid-July.
According to the DRHP filed by Zomato, the company will offer equity shares of up to Rs 8,250 crore (about $1.1 billion). Of this, Rs 7,500 crore will be fresh issue, while Rs 750 crore will be offer for sale to its existing investor Info Edge. Zomato raised $250 million in its pre-IPO primary fundraise a few months ago from investors like Quora Management, Tiger Global, Fidelity, Dragoneer and Bow Wave at a valuation of $5.4 billion. Subsequently, Info Edge, one of the early investors of Zomato, said that its effective stake in Zomato now stands at 18.4 per cent.
The company suffered a loss in March last year due to the COVID pandemic. However, Zomato said in September 2020 that the online food delivery space has recovered in many large pockets in India and even now pre-COVID levels are high, as most people are online. order food. Zomato co-founder and CEO Deepinder Goyal believes that the growth of this sector will accelerate post-vaccination.
Zomato’s FY20 revenue was Rs 2,486 crore. Due to Corona, the loss increased to Rs 2,451 crore. The food delivery and restaurant aggregator platform was founded by Goyal and Pankaj Chadha in 2008 as Foodibay and was renamed Zomato on 18 January 2010.
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