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Decks Cleared For Zomato's IPO As Food Delivery Platform Gets SEBI Nod; Listing Likely By Mid-July At $8.7 Billion Valuation
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The decks have been cleared for online food ordering and delivery platform Zomato's initial public offering as the market regulator, Securities and Exchange Board of India (SEBI), has given its nod to the draft red herring prospectus (DRHP) of the Gurugram-based company, reports Livemint.
In the DRHP, which Deepinder Goyal led Zomato had filed on 29 April, the company had proposed to launch an IPO of Rs 8,250 crore. This would include issuing fresh equity shares worth Rs 7,500 crore and a Rs 750 crore offer for sale by the company's early and largest backer Info Edge India Limited.
The company may list in the bourses at steep valuations of $8.7 billion, likely by mid-July.
Zomato plans to use Rs 5,625 crore of the net proceeds (including pre-IPO funding) towards funding organic and inorganic growth initiatives from the funds raised.
Other than this, the company is also likely to take a pre-IPO placement to raise an amount not exceeding Rs 1,500 crore. It is presently said to be in consultation with managers for the same.
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