Food delivery giant, Zomato is ready to launch its IPO. the corporate gets approval from SEBI for the share sales worth Rs. 8,250 crore
Food delivery giant, Zomato is ready to issue fresh equity shares worth Rs.7,500 crores and alongside the company’s early backer Info Edge India Ltd selling its stake worth Rs. 750 crores within the upcoming IPO. the corporate has received approval from SEBI for the shares sale. it's expected that Zomato will launch the IPO soon, it might be this month.
In April, there have been reports that Zomato had filed the draft red herring prospectus (DRHP) with The Securities and Exchange Board of India, proposing an IPO of Rs. 8,250 crore. However, there was no official confirmation on an equivalent . the corporate plans to use Rs. 5,625 crore of internet proceeds (including pre-IPO funding) towards funding organic and inorganic growth initiatives.
In September last year, Zomato state that the food delivery industry has recovered the losses triggered by the pandemic Coronavirus lockdowns. the corporate also stated that the profits have also crossed the pre-COVID records. Zomato reported its revenue of Rs 2,486 crore for FY20, while it reported the losses increasing to Rs 2,451 crore during the lockdowns.
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