Zomato recordsdata for India’s largest IPO this 12 months

The corporate on Wednesday filed for an preliminary public providing in Mumbai that would increase as much as 82.5 billion rupees ($1.1 billion). That will be India’s largest IPO to date this 12 months, in line with Dealogic.

In a submitting to India’s inventory market regulator, the meals supply upstart stated it might concern new shares value as a lot as 75 billion rupees ($1 billion). Certainly one of its shareholders, Indian tech agency Data Edge, will promote as much as 7.5 billion rupees (about $100.6 million) value of fairness.

Zomato can be contemplating privately elevating as much as 15 billion rupees ($201.1 million) earlier than it hits the market, which may cut back the quantity it plans to lift publicly, it added.

Zomato was based in New Delhi in 2008. The corporate has constructed a reputation for itself as considered one of India’s most profitable startups, with a crew of greater than 5,000 staff that reaches greater than 10,000 cities in two dozen international locations, from Sri Lanka to Slovakia to South Africa.
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The agency made worldwide headlines final January for buying Uber Eats in India in change for handing the US tech firm an nearly 10% stake in its enterprise. Customers, eating places and supply employees on Uber (UBER)‘s platform on the time had been shifted over to Zomato’s app.

The itemizing is a serious second for India’s tech trade.

Solely a handful of Indian tech corporations have held listings over the the final twenty years. And no tech startup value greater than $1 billion has gone public. Walmart (WMT)-owned Flipkart is the one Indian tech unicorn to have been acquired at a valuation of greater than $1 billion.
Zomato was final valued at $5.4 billion, in line with CB Insights. The startup declined to touch upon Wednesday.
The IPO may even function one other check for the intently watched international meals supply trade. Deliveroo’s IPO crashed in London final month regardless of nice fanfare, changing into town’s worst debut on report.

— Diksha Madhok contributed reporting.

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