Zomato Files For $1.11 Billion IPO As Food Delivery Surges In Pandemic Times



Food delivery startup Zomato, backed by China's Ant Group, has filed for an initial public offering of up to ₹ 82.5 billion ($1.11 billion) as consumers increasingly turn to ordering food online during the COVID-19 pandemic.


Launched in 2008, Zomato is one of India's most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. In February, the company had raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion.

According to draft papers submitted to India's market regulator on Wednesday, Zomato's offering will comprise a fresh issue of shares worth up to ₹ 75 billion.

The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. Top shareholder Info Edge will sell shares worth ₹ 7.5 billion in the IPO. The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth $4.2 billion.

India has been one of the hottest IPO markets so far in 2021, helped by a flood of foreign money and high interest from mom-and-pop investors. However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs.

Well-known domestic brands and names such as Barbeque-Nation Hospitality and Macrotech Developers saw a muted response to their stock market listings.

Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead book running managers for Zomato's IPO.

Comments

Post a Comment

Popular posts from this blog

PUBG Krafton brings a new game Battlegrounds Mobile India

Image
The most awaited Battlegrounds Mobile India game will be available for pre-registration starting May 18 for Android phone users. The Indian version of the PUBG Mobile game was developed by the South Korean-based company Krafton . This new game will be similar to the most popular game PUBG with minor changes and once again it targets the Indian game market. PUBG has been banned in India due to allegations and security issues against China. With this, the game developer tried several ways to reach India, but the Indian ministry and delegates strongly opposed the reentry of PUBG. Now with the revamped version the South Korean game developer enters India with the name of Battlegrounds Mobile India, it will be available only for India will provide a multiplayer gaming experience. Krafton releases the press statement, with exclusive in-game events like outfits and features and will have its own esports ecosystem with tournaments and leagues. Battlegrounds Mobile India Promo Watch the latest...
Read more

Girl blasts waist on '52 Gaj Ka Daman', more than 1 crore views Video

Image
The song '52 Gaj Ka Daman' (52 Gaj Ka Daman) by Haryanvi singer Renuka Panwar has emerged on the internet. Shortly before, Renuka released Haryanvi Song '52 Gaj Ka Daman (52 Gaj Ka Daman), and this song has got tremendous love from the fans. This video has been viewed 87 million times on YouTube. Meanwhile, on Instagram, a girl's dance video is becoming increasingly viral (Viral Video). The girl performed the song 'Girl Sizzling Dance On 52 Gaj Ka Daman' in a fabulous style. This video has been viewed more than 10 million times on Instagram. It can be seen in the video that the girl is doing a great dance among other girls. As soon as the song rang for 52 yards, he started clapping. He himself has shared this video on his Instagram account. Her name is being told as Sangeeta.  https://www.instagram.com/reel/CNTn_keD_87/?utm_source=ig_embed He shared this video on April 6, which has so far garnered 13.2 million views. Also, more than 7 lakh likes have been made. ...
Read more

Who is Debanjan Deb? Fake IAS Officer Has Been Arrested By Kolkata Police

Image
There has been a really bizarre case as a person naming Debanjan Deb who has lied to his family about him becoming an IAS officer and the person has gone on to organize fake vaccination camps and has paid a salary to his employees and has also rented the office and this has been stated by one of the officers on Friday. Who is Debanjan Deb? The person has been arrested by the Kolkata police as he has been caught impersonating one of the joint commissioners who is working for the Kolkata municipal corporation and he has been doing this for the past 4 months and he has made a fool out of many people as he managed to take several lakhs from the people as he promised them that he is going to be a helping hand to them so as to get tenders and this has been stated by an officer in the initial probe. It has been stated that the man who is 28 years old has managed to come in contact with many of the political leaders and many of the police officers as he has been a part of many social cause eve...
Read more