IPO-bound Zomato raises $562m from Tiger Global, other anchor investors

India’s food delivery unicorn Zomato has raised US$562.3 million from its anchor investors ahead of the launch of its initial public offering today.

Investors who have acquired its equity shares include New World Fund, Tiger Global, the government of Singapore, Mirae Asset, Baillie Gifford, and Fidelity, the company revealed in a filing to the Bombay Stock Exchange.

Zomato founder and CEO Deepinder Goyal / Photo credit: Zomato.

The filing shows that these anchor investors have subscribed to Zomato’s shares at the price of 76 rupees (US$1.02) apiece. The food delivery platform has set a price band of 72 rupees (US$0.96) to 76 rupees per share for its public offering.

Zomato is looking to raise up to 93.7 billion rupees (US$1.3 billion) from its listing at a post-IPO valuation of 643.6 billion rupees (US$8.6 billion). It expects to have around US$2 billion in the bank after going public.

At a virtual conference last week, the firm revealed that its business was still recovering from the impact of the Covid-19 pandemic. For Q3 and Q4 of the financial year ended March 31, Zomato reported a gross order value (GOV) of US$406 million and US$451 million, respectively. It also pointed out that the company clocked its highest-ever quarterly GOV in the final quarter of the financial year.

See also: The leading Asian tech players eyeing an IPO in 2021

Zomato is set to become the first unicorn in India to list in the country. Meanwhile, a slew of startups from the nation are preparing to go public in the coming months, including well-known names like Flipkart, Paytm, Nykaa, and PharmEasy.

Currency converted from Indian rupee to US dollar: US$1 = 74.5 rupees.