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India’s food delivery juggernaut Zomato has received approval from the Sebi for a $1.1 billion share sale.
Mint (photo)
3 July 2021 by Ravindra Sonavane
According to a source familiar with the situation, the Securities and Exchange Board of India has given its approval for food delivery network Zomato Ltd to generate funds through an initial public offering (IPO).
“Sebi has given them the green light. On Monday, the regulator’s website should be updated. Now that the approval has been granted, the launch might happen as soon as this month,” the source stated.
Zomato’s spokesman declined to respond.
Zomato submitted its draft red herring prospectus (DRHP) to the markets regulator on April 29th, proposing an IPO of Rs 8,250 crore.
In Zomato’s impending public offering, the business would issue new equity shares worth Rs 7,500 crore, with the company’s early investor Info Edge India Ltd selling a stake worth Rs 750 crore.
The net proceeds (including pre-IPO funding) will be used to fund organic and inorganic growth projects worth Rs 5,625 crore.
Zomato will most likely conduct a pre-IPO placement in consultation with the managers for a total sum of not more than 1,500 crore at a final price determined by the firm.
According to CNBC, Zomato’s offer size is believed to have climbed to around $1.25 billion, with the primary fund raising likely to be roughly 20% higher at $1.2 billion.
The projected mid-July offering is expected to be valued at $8.7 billion.
The original version of this article appeared on livemint.com.
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