Zomato IPO opens tomorrow

Zomato IPO: The Rs 9,375 crore initial public offering (IPO) of restaurant discovery and online food delivery platform Zomato will be opening on Wednesday, July 2021. It has a price band of Rs 72-76 per share. The offer will be available for subscription till Friday, July 16, 2021.

The IPO consist of a fresh issue of equity shares worth Rs 9,000 crore and an offer for sale worth Rs 375 crore by existing investor Info Edge, which is a parent company of Naukri.com.

Zomato had filed preliminary papers with SEBI in April this year and received its approval last week.

Zomato will be the first in a series of consumer centric internet companies and start-ups in India to raise public money in a post pandemic era. LIC may invest in Zomato’s IPO.

According to the report of mint, LIC is preparing in the IPO of Zomato. This will be the first time that LIC will participate in the issue of a non-government company. LIC is one of the largest institutional investors in the country and invests money in secondary market. LIC’s investment committee meeting may happen soon a source said that the growth curve of Zomato shows that the country is rapidly moving towards the internet economy. SEBI’s observation is very necessary for any company to launch any public issue such IPO, follow on public offer (FPO) and rights issue.

Shares of Zomato will be listed on both BSE and NSE.