Zomato said the net proceeds from the new issue will be used to fund organic and inorganic growth initiatives and the company's overall goals.
Zomato will begin its three-day initial public offering (IPO) on Wednesday, July 14th. Zomato's initial public offering will be the largest in India this year and the company plans to raise ₹9,375 crores through a public offering of 72-76 per share. According to the prospectus of Red Herring, Zomato's first offer includes a new issue of 9,000 crores and a sale of 375 crores of shares from existing investors.
According to Red Herring, Zomato's IPO includes ₹9,000 crores reissue and ₹375crores of existing investor Info Edge (India), the parent company of Naukri.com. The Zomato IPO is offered to 75% Qualified Institutional Buyers (QIB), 15% Non-Institutional Investors (NII) and 10% Individual Investors.
Backed by Jack Ma's Ant Group Co, Zomato will be the first in a long list of Indian unicorn projectiles to be featured. It will also be India's first online food aggregator. The IPO will bring Zomato around ₹64,365 crores and will be the second-largest nomination after SBI Card and Payment Services announced ₹10,341 crores in March 2020. This will surpass the Indian Railways Finance Corporation's offer in January.
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