Food delivery aggregator and ratings platform Zomato on Wednesday filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 8,250 crore (nearly $1.1 billion) through its Initial Public Offering (IPO).
The IPO offer includes a fresh issue by the company worth Rs 7,500 crore, and and an offer for sale by the selling shareholder Info Edge.
Info Edge, the parent company of Naukri.com and Zomato’s largest investor, said in a regulatory filing on Tuesday that it was selling shares worth Rs 750 crore ahead of the restaurant listing aggregator’s upcoming IPO.
Zomato said in the DRHP that it expects to use the funds raised through the IPO to fund its organic and inorganic growth initiatives, which include customer and user acquisition, delivery and technology infrastructure, and any new acquisitions.
In the run up to its IPO, Zomato has raised funding of a little over $900 million, and is expected to be valued at $6-8 billion.
Last week, the firm expanded its board and added four women to the Board of Directors.
Zomato converted itself from a private company to a public limited company a couple of weeks ago. The company had passed a special resolution on April 5, 2021, and renamed itself to Zomato Limited effective from April 9.
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