Food delivery giant Zomato is eyeing a listing valuation of $8.7 billion dollars due to huge demand from the global tech specialist funds and EM funds, sources with direct knowledge share with Moneycontrol. Expected valuation for Zomato is at a premium to the Hong Kong-listed delivery platform Meituan. Zomato is awaiting SEBI approval for the IPO and is planning to launch by mid-July, sources share.
IPO-bound Zomato invests $120 million in Grofers
Sources suggest Zomato has increased its primary fund raise through the IPO by 20% to $1.2 billion, it has reduced the secondary portion or OFS by 50% to $50 million. Offer for sale or OFS is likely by Infoedge which owns around 18% stake in Zomato.
Moneycontrol earlier reported that Zomato IPO could see highest-ever oversubscription.
Zomato & Infoedge did not offer any comment on Moneycontrol’s query. Moneycontrol had earlier reported in April that Zomato was eyeing close to $9 billion valuation via IPO. Last fund raise valued Zomato at around $5.4 billion.
[This is a developing story. Check back for more details.]