The Indian food delivery company Zomato is opening its IPO on July 14, 2021, and will close on July 16, 2021. Thereafter, the stock will be listed by the end of this month, i.e. July 2021. According to BSE disclosures, the shares will be offered at a price of Rs. 72 to Rs. 76 per share. Zomato received approval for its IPO by Sebi on July 2, 2021, and is looking forward to a valuation ranging between Rs. 60,000 to Rs. 75,000 crore. Keep reading to know more about Zomato IPO share.
Zomato's IPO will be open for subscription on July 14, 2021. The company has said that it will price its Rs. 9,375 crores IPO at Rs. 72 to Rs, 76 per share. The IPO consists of fresh shares worth Rs. 9,000 crores and dilution by Info Edge worth Rs. 375 crores, which is the top shareholder of Zomato. The current stats are greater than what was initially planned, as the company was about to launch an IPO sized Rs. 7,500 crores previously. As per the draft papers presented for the approval of IPO, Zomato has mentioned that the funds raised by new shared will be used for supporting Zomato's growth initiatives and other corporate purposes.
During the previous financial year, Zomato backed by Ant Group managed to double their revenues up to Rs. 2.960 crores. Zomato is going to be the first food delivery company headed on to list a public listing. The names of organizations managing the offering are Morgan Stanley, BofA Securities India, Citigroup Global Markets India and Kotak Mahindra Capital Co. The shares will be listed on both National Stock Exchange and the Bombay Stock Exchange.
The Indian food delivery market has grown up manifolds in the Covid-19 lockdown, as millions of people are stuck at home and they are using food delivery applications such as Zomato and Swiggy. Both the applications offer delivery from leading food outlets across India and are dominating the Indian food delivery market. While the customers get to chose from a list of differents restaurants and cuisines, they also avail exciting offers using the food delivery apps.