Home Business Zomato IPO opens on July 14 at Rs 72-76 per share

Zomato IPO opens on July 14 at Rs 72-76 per share

Zomato IPO will open on July 14 and will be a three-day public issue. It will end on July 16.

July 9: Zomato IPO will open on July 14 and close on July 16. Given India’s biggest online food delivery service tasted success during the pandemic, Zomato opened its initial public offering (IPO) for the first time.

Zomato IPO opens on July 14

Zomato IPO will be opening on July 14. According to the market sources under Sebi rules, the stock shall be listed before the end of the current month, which is most likely to be July 27.

Each BSE disclosures showed the shares of the company are being offered at a price band of Rs 72-76 each.

Zomato-IPO-closing-details-ut
Imge: Utkal Today

Zomato IPO closing details

Zomato IPO  will close on July 16, 2021. It has been estimated that the IPO consists of fresh issue that is aggregating up to Rs 9,000 crore of fresh issues.

The company in its media release mentioned an Offer for Sale (OFS) by Info Edge Limited will can also be seen aggregating up to Rs 375 crore.

Also read: Seal the deal: Zomato invests in Grofers

Zomato service during Covid-19

During Covid-19, the food delivery app did reasonably good business.

The technology company named Info Edge holds a substantial stake in the app-based food delivery major. The aim is to raise Rs 9,375 crore. The shares worth Rs 375 crore of the total issue size are in offer for sale by the tech entity.

Zomato received a nod to launch IPO

It was on July 2 that Zomato received market regulator Sebi’s nod to launch its IPO. After the listing is completed the company has its eye on a valuation of about in the range of $8-10 billion, or about Rs 60,000-75,000 crore.

The draft papers for IPO had stated the funds that are raised by issuing new shares would be used for financing Zomato’s organic and inorganic growth initiatives and other general corporate purposes.

In the previous few days , based on strong demand for its shares from large institutional investors, the company decided to raise the IPO size from Rs 7,500 that was decided earlier.

Meanwhile, InfoEdge has also halved the size of its offer for sale which was earlier planned to be Rs 750 crore.

During the 2020 fiscal, Zomato’s revenues had jumped over twofold to Rs 2,960 crore compared to that of the last year. While its ebitda which includes earnings, before interest, taxes, depreciation and amortization faced a loss which was around Rs 2,200 crore.

The offering is managed by Kotak Mahindra Capital Co, Morgan Stanley India, Credit Suisse, BofA Securities India and Citigroup Global Markets India. The shares of the company will be listed both on BSE as well as NSE.

By: Shreshtha Ghosh

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