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 public offering (IPO).
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.
Revenue around Rs 2,960 crore.
Online food delivery segment seen significant growth.
New Delhi: Ant Group-backed online food ordering platform Zomato has filed preliminary papers with capital market regulator Sebi to raise Rs 8,250 crore through an initial share-sale at a time when the demand for its services is growing due to COVID-19 pandemic-related restrictions.
The company s revenue in FY20 jumped over two-fold to around Rs 2,960 crore as compared to 2018-19 fiscal.
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.
The initial public offer (IPO) comprises fresh issue of equity shares worth Rs 7,500 crore and offer for sale to the tune of Rs 750 crore by Info Edge (India) Ltd, draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi) showed on Wednesday.
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Zomato IPO: Info Edge to sell shares worth Rs 750 crore
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Zomato IPO: Info Edge to sell shares worth Rs 750 crore
TNN / Apr 27, 2021, 23:33 IST
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Zomato is expected to file the Draft Red Herring Prospectus (DRHP) for its IPO this week. (Representative image)
BENGALURU: Info Edge, an early investor in Zomato, said it will sell shares worth Rs 750 crore in the upcoming initial public offering (IPO) of the online food ordering platform.
In a stock exchange filing on Tuesday night, it said the sale would be through a combination of fresh issue of equity shares by Zomato Limited and an offer for sale (OFS) by Info Edge.