BENGALURU: Meals supply startup Zomato, backed by China’s Ant Group, has filed for an preliminary public providing of as much as Rs 8,250 crore ($1.11 billion), as shoppers more and more flip to ordering meals on-line throughout the Covid-19 pandemic.
Launched in 2008, Zomato is considered one of India’s most outstanding startups. It’s current in 24 international locations and employs greater than 5,000 folks, in accordance with its web site.
In February, the corporate raised $250 million from 5 buyers together with hedge fund Tiger International Administration for a post-money valuation of $5.Four billion.
In keeping with draft papers submitted to India’s market regulator on Wednesday, Zomato’s providing will comprise a recent problem of shares value as much as Rs 7,500 crore. The corporate stated it intends to make use of the proceeds to fund development initiatives and common company functions.
Prime shareholder Information Edge will promote shares value Rs 750 crore within the IPO.
The corporate, together with home rival Swiggy, backed by Accel, dominates the Indian meals supply market, which analysis agency RedSeer estimates is value $4.2 billion.
India has been one of many hottest IPO markets thus far in 2021, helped by a flood of overseas cash and excessive curiosity from mom-and-pop buyers.
Nonetheless, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for shares and IPOs.
Properly-known home manufacturers and names similar to Barbeque-Nation Hospitality Ltd and Macrotech Builders Ltd noticed a muted response to their inventory market listings.
Kotak Mahindra Capital, Morgan Stanley India, Credit score Suisse Securities India, BofA Securities India and Citigroup International Markets India are the lead e book operating managers for Zomato’s IPO.