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Zomato gets SEBI’s go-ahead to float ₹8,250cr IPO
July 06, 2021
Food delivery platform Zomato has received markets controller Sebi’s approval to raise ₹8,250 crore through an initial share sale. The initial public offer (IPO) includes new issue of value shares worth ₹7,500 crore and an offer-available to be purchased to the tune of ₹750 crore by Info Edge (India) Ltd, as per draft red herring prospectus.
Zomato, which filed preliminary IPO papers with Sebi in April, obtained its observation on July 2, an update with the regulator showed on Monday.
Sebi’s perception is exceptionally essential for any organization to launch public issues like IPO, follow on public offer (FPO) and rights issue.
Going by the draft papers, continues from the new issue would be used towards financing natural and inorganic growth initiatives, and general corporate purposes.
The online food delivery segment has seen significant growth over the most recent years with Zomato and Swiggy contending head-on to grab market share.
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