Zomato Aims To Raise Rs 9,375 Cr, Prices IPO Between Rs 72-76 Apiece
- ByStartupStory | July 8, 2021
Zomato said on Thursday that it has priced the initial public offering of its shares between Rs 72-76 apiece, up from the expected Rs 70-72, which will help it raise Rs 9,375 crore, further adding, The subscription will open on July 14 and close on July 16. The startup said it expects to use proceeds from the IPO to fund organic and inorganic growth initiatives, and for general corporate purposes, according to its IPO filing. The online food delivery segment has seen significant growth in the last few years, with Zomato and Swiggy competing head-on to grab market share.
Rs 9,000 crore of the expected raise will come from a fresh issuance, while existing shareholder Info Edge’s offer-for-sale is expected to bring in the remaining Rs 375 crore. Info Edge, a key shareholder in the company, recently slashed the OFS in by half – from Rs 750 crore to Rs 375 crore – indicating confidence in Zomato and expectations its IPO would perform well. Kotak Mahindra Capital, Morgan Stanley India, and Credit Suisse India are the global coordinators and book running lead managers to the issue.
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