INSUBCONTINENT EXCLUSIVE:
Zomato's offering will comprise a fresh issue of shares worth up to Rs 7,500 crore.Shares of Info Edge India, which has stake in food
delivery service provider Zomato, rose as much as 3.14 per cent to hit an intraday high of Rs 5,100 on the BSE after Zomato filed draft red
herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) to raise up to Rs 8,250 crore through share sale via initial
(Track Info Edge share price here)The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes
Top shareholder Info Edge will sell shares worth Rs 750 crore in the IPO
The company, along with domestic rival Swiggy, backed by Accel, dominates the food delivery market, which research firm RedSeer estimates is
worth $4.2 billion.Launched in 2008, Zomato is one of India's most prominent startups
It is present in 24 countries and employs more than 5,000 people, according to its website
In February, the company had raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation
According to draft papers submitted to India's market regulator on Wednesday, Zomato's offering will comprise a fresh issue of shares
worth up to Rs 7,500 crore.Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup
Global Markets India are the lead book running managers for Zomato's IPO
The company has not yet fixed the price band and lot sizes in which investors interested in the sock can bid for its shares in the IPO.The
date for the IPO was also not announced by the company the DRHP.India has been one of the hottest IPO markets so far in 2021, helped by a
flood of foreign money and high interest from retail investors
However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs
Well-known domestic brands and names such as Barbeque-Nation Hospitality and Macrotech Developers saw a muted response to their stock market
While, Nazara Technologies and MTAR Technologies witnessed bumper stock market debuts.As of 11:32 am, Info Edge shares traded nearly 2 per
cent higher at Rs 5,040, outperforming the Sensex which was up 0.95 per cent.
