Online food ordering and delivery startup Zomato has filed for an IPO (initial public offering) of up to Rs 8,250 crore on April 28 as the food delivery business witnessed a surge amid the novel coronavirus pandemic. Zomato has filed its herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI).
The food delivery platform has already converted itself into a public company from a private one. It intends to raise roughly Rs 7,500 by offering equity shares for sale. The rest amount of RS 750 will be raised through an offer for Sale by existing investor Info Edge.
“If the pre-IPO placement is undertaken, the minimum offer size (comprising the fresh issue so reduced by the amount raised from the pre-IPO placement, and the OFS) shall constitute at least 10% of the post-offer paid-up equity share capital of our company,” Zomato’s DRHP read.
Meanwhile, Zomato has not yet fixed the price band and lot size in which keen investors can bid for shares. The date for the IPO was also not declared in the DRHP.
Zomato, which was incorporated in 2008, is backed by China's Ant Group. It is currently one of the most promising startups in India. According to Zomato's official website, it has its presence in 24 countries across the globe. The food delivery startup also employs over 5,000 people.
