Food delivery app Zomato has filed Draft Red Herring Prospectus (DRHP) in SEBI for its proposed IPO. With this, the process of a much awaited IPO of India has started in this volatile year.
According to the DRHP filed by Zomato, the company will raise Rs 8,250 crore through this IPO. The IPO will include a fresh issue of Rs 7,500 crore and an offer for sale of Rs 750 crore to be placed by Info Edge.
The company’s internal review on the IPO was completed on 22 April. Moneycontrol gave this information only on 23 April. SEBI is expected to take 2 weeks to review DRHP. A source aware of the matter said that the final launch of the IPO will depend on the market conditions.
Sebi related IPO papers have been filed only 1 week after the company changed from a private company to a public limited company. Explain that for an IPO and getting listed in the stock market, it is necessary for a company to be a public limited company. The company was originally formed on 19 January 2010 as a private limited company.
DRHP is the first document to be submitted to SEBI for an IPO. All important details related to the company are given in DRHP. It details the date of formation of the company, the business model of the company and the risks associated with it.
Meanwhile, Info Edge Limited said on 27 April that it would sell 750 million shares of its holding in Zomato’s IPO through OFS. Let us know that Zomato Limited is preparing to launch an IPO. In addition to a fresh issue from Zomato Limited. There will be an offer for sale by Info Edge (India) Limited, which invests in Zomato.
Info Edge currently holds about 19 per cent stake in Zomato. Info Edge has said in a regulatory filing that the company board has approved the sale of shares worth Rs 750 crore in Zomato’s IPO through OFS. The announcement of the sale of Info Edge’s stake in Zomato is significant because the market is eagerly awaiting Zomato’s IPO.
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