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Zomato Receives Nod From Securities and Exchange Board of India (SEBI) for its going public (IPO), To Hit The Marketplaces Soon

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The Zomato IPO will be second largest IPO in last four years after the SBI Cards offeringFood delivery giant Zomato has received nod from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) at a time when food shipment has actually experienced a rise amidst the second wave of the COVID-19 pandemic.

The IPO will consist of a fresh concern of Rs 7,500 crore and a market of Rs 375 crore by existing financier, Info Edge.

The shares are most likely to be noted on BSE and NSE.Info Edge had earlier prepared to offload shares worth Rs 750 crore, however intimated the stock market on Sunday that it would minimize the offer-for-sale by about half to Rs 375 crore.

Zomato has not yet formally revealed the price band for the IPO.Zomato had submitted preliminary IPO documents with SEBI in April.Zomato was included in the year 2008.

Backed by China's Ant Group, Zomato is amongst the most popular start-ups in the nation today.

According to its official website, Zomato has an existence in 24 countries across the world and utilizes more than 5,000 people.Zomato had actually stated, in its draft red herring prospectus, that it intends to make use of the IPO continues to money organic and inorganic development efforts and for basic corporate purposes.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 the IPO.

BofA Securities India and Citigroup Global Markets India are the merchant bankers to the general public issue.The Zomato IPO will be the second biggest IPO in the last four years after the Rs 10,355 crore deal from SBI Cards and Payment Providers.

It will also be the first Indian mega start-up to go public, with the similarity Paytm, Flipkart and Policybazaar likely to do the same.




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