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Miguel Cordon · · 1 min readIndian food delivery major Zomato files for $1.1b IPO with market regulator
“Foodtech platform Zomato on Wednesday filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI), proposing an initial public offering of 82.5 billion rupees (US$1.11 billion),” Livemint reported.
Details:
- The company said it will be issuing about US$1 billion in fresh equity shares, with early investor Info Edge India selling its stake, worth roughly US$100 million, in the IPO.
- In its filing, Zomato said its revenue from operations grew from US$62.7 million in FYE 2018 to US$350.5 million in FYE 2020.
Context:
- The company plans to use the proceeds for organic and inorganic growth initiatives.
- Info Edge is currently Zomato’s largest shareholder, holding 18.5% of shares in the company. Uber follows with 9.13%, Alipay Singapore with 8.33%, and Antfin Singapore with 8.22%.
Editing by Collin Furtado and September Grace Mahino
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