There is finally some concrete news about Zomato’s much awaited IPO. Bloomberg report quoted close sources as telling the likely time of the IPO. If the company brings an IPO at the estimated time, then it will join the first few companies in the Internet world of India to bring a public issue.
The potential issue size of the IPO is $650 million, or about 4700 million.
Draft prospectus may be filed next month
According to Bloomberg’s report, the company can file its draft prospectus with SEBI next month. This is an important step in the IPO process. If SEBI has no objection to the issue, then this process goes ahead. Then the company decides the price band, etc. and informs the exchange about the issue. According to the source, Zomato is preparing the listing by the end of September. However, discussions are still going on about this and possible time changes are also possible.
In September last year, Zomato founder Deepinder Goyal had said in a message to his employees that the company was set to launch an IPO in the first half of 2021.
Zomato in 10 thousand cities
Zomato is an online food delivery startup. Apart from delivery, it also provides menus of various restaurants on the website. According to the Zomato website, this company, which started in 2008, is currently serving around 10,000 cities in 24 countries. The current number of employees of the company is around 5,000. In India, apart from a few companies like Justdial and Info Edge, most Internet startup companies have not listed themselves yet. MakeMyTrip launched its IPO in 2010 on US Nasdaq.
Apart from Zomato, companies like Flipkart, BigBasket, PolicyBazaar, Paytm, etc. can also bring IPO in the coming days.
Support many big names
The current investors of Zomato include many big names. This list includes Tiger Global, Info Edge, etc., besides Alibaba’s Ant Financial. Recently, the company has also received a major investment of $250 million from Kora Management, Fidelity Management and Research Company, etc. After this funding, the valuation of the company reached $ 5.4 billion.
