Synopsis
It is expected to be one of the largest initial public offerings ever for an Internet startup in India
ETtech
Illustration: Rahul Awasthi
Eleven years after it was founded, online food ordering and restaurant discovery platform Zomato took a big step toward a public listing on Wednesday.
It is expected to be one of the largest initial public offerings ever for an Internet startup in India.
A DRHP is a publicly available document of a company that is planning to raise money from the public which it files with the market regulator. It outlines critical information and details about its business operations and financials. This includes details about its promoters, reason for raising money, how the money will be used, risks involved with investing in the company, and so on.
Info Edge share rises over 3% as firm to sell stake in Zomato IPO
Info Edge stock touched an intraday high of Rs 5,100, rising 3.14% against previous close on BSE
BusinessToday.In | April 28, 2021 | Updated 13:01 IST
Info Edge share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Info Edge share rose over 3% today after board of directors of the firm approved sale of the company s stake worth Rs 750 crore in Zomato during the latter s upcoming initial public offering (IPO).
The parent company will offload the shares via offer for sale.
Info Edge stock has gained 10.19% in the last 9 days. The share opened with a gain of 2.62% at Rs 5,074 today against previous close of Rs 4,944 on BSE.
Food delivery aggregator and ratings platform Zomato on Wednesday filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 8,250 crore (nearly $1.1 billion) through its Initial Public Offering (IPO).
The IPO offer includes a fresh issue by the company worth Rs 7,500 crore, and and an offer for sale by the selling shareholder Info Edge.
Info Edge, the parent company of Naukri.com and Zomato’s largest investor, said in a regulatory filing on Tuesday that it was selling shares worth Rs 750 crore ahead of the restaurant listing aggregator’s upcoming IPO.
Zomato said in the DRHP that it expects to use the funds raised through the IPO to fund its organic and inorganic growth initiatives, which include customer and user acquisition, delivery and technology infrastructure, and any new acquisitions.
Info Edge on Tuesday said it will sell stake worth Rs 750 crore in the initial public offering (IPO) of its investee company Zomato. In a regulatory filing, Info Edge said Zomato an online food delivery platform is proposing an IPO of its equity shares, comprising a fresh issue of equity shares by Zomato Ltd and an offer for sale by Info Edge (India) Ltd. The Board of Directors of the Company today considered and have given their approval to the company to participate in the said Offer for Sale of up to such number of shares of Zomato Ltd as would aggregate upto Rs 7,500 million., it added.