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Zomato IPO to open on July 14

July 08, 2021

Zomato IPO to open on July 14

Zomato is set to open on July 14 and close on July 16. Under Sebi rules, the stock will be recorded before the end of the current month, in all likelihood by July 27, market sources said. The portions of the organization are being offered at a price band of ₹72-76 every, BSE disclosures showed.

The application based food delivery major, in which listed technology organization Info Edge holds a considerable stake, means to raise about ₹9,375 crore. Of a total issue size, shares worth about ₹375 crore are in a proposal available to be purchased by the tech entity. On July 2, Zomato got markets controller Sebi’s gesture to launch its IPO. After the posting, the organization is peering toward a valuation in the range of $8-10 billion, or about ₹60,000-75,000 crore, market sources said.

Assets raised by giving new shares would be used for financing Zomato’s organic and inorganic growth initiatives, and general corporate purposes, the draft papers for IPO had noted.

In the last few days, on the back of strong demand for its shares from large institutional investors, the organization has increased the IPO size from about ₹7,500 crore that was planned earlier.

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