Zomato's Rs. 9,375 crore IPO to open on July 14 for subscription

On Thursday, Zomato, a food ordering platform, announced its plans to raise Rs. 9,375 crore (US$ 1.25 billion) through IPO (initial public offer) that is expected to open for subscription from July 14, 2021, to July 16, 2021.

The price range for the issue has been set up at Rs. 72 (US$ 0.96) to Rs. 76 (US$ 1.02) per share.

Earlier this week, Zomato had obtained SEBI’s approval for the initial public offer (IPO).

The total size of the IPO stands at Rs. 9,375 crore (US$ 1.25 billion) includes an offer-for-sale of Rs. 375 crore (US$ 50.12 million) by Info Edge (India) Ltd. and a fresh issue of equity shares worth Rs. 9,000 crore (US$ 1.20 billion).

In April, Zomato, submitted preliminary IPO documents with SEBI and received its hearing on July 2.

Following the draft documents, earnings from the fresh issue would be leveraged for funding organic and inorganic growth plans and general corporate objectives.

In FY20, Zomato's revenue increased by 2X to reach US$ 394 million (~ Rs. 2,960 crore), as compared to the previous fiscal.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.