- April 28, 2021 / 5 min readThe company said it intends to use the proceeds to fund growth initiatives and general corporate purposes.
Gurgaon-based food delivery brand Zomato has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion).
In 2021 India has witnessed top brands like Barbeque Nation, global QSR chain Burger King and now food delivery major Zomato hitting the IPO all thanks to a huge surge in the food ordering trend due to the pandemic.
Earlier, this February it raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion.
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 75 billion. 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 7.5 billion in the IPO.
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.
Backed by China's Ant Group, Zomato was started in 2008 and is now expanded to 24 countries, employing more than 5,000 people.
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