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Zomato IPO Opens On July 14 At Price Band of Rs 72-76/Share

The listing of Zomato in the Indian equity market will result in the first-ever listing of such unicorn and will also become the largest IPO after SBI Cards(Rs 10,355 crore) launched in March 2020. Zomato plans to raise Rs 9,375 crore

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The food delivery major has ramped its listing process and is set to open its Initial Public Offering on July 14 next week. The company aims to raise Rs 9,375 crore via the public offer, which includes an offer for sale of Rs 375 crore from its existing shareholder InfoEdge and a fresh issue of Rs 9,000 crore.

Being the first of its kind to list on the Indian exchanges, the company has fixed the price band of the issue at Rs 72-76 per share with a minimum lot of 195 shares and in multiples thereafter. Retail investors can bid for a maximum of 13 lots in the public offer. 

The company has secured around 65 lakh equity shares for its eligible employees. Apart from this, around 10 per cent of the net offer is fixed for retail investors, 75 per cent for QIB, and 15 per cent for NIIs. The public offer will hence value the online delivery platform at nearly $9 billion. 

Earlier in February, the company carried out a pre-IPO placement of $250 million from ace investors like Kora Management, Tiger Global, Fidelity, Dragoneer, and Bow Wave. The placement was valued at $5.4 billion. 

The shares of the company are expected to hit the Indian bourses on July 26. 

For the Financial year ended March 2020, the delivery giant posted revenue of Rs 2,604.7 crore against Rs 1,312.58 crore in the previous year. The company reported an overall loss of Rs 2,385.6 crore on a consolidated basis. 

The listing of Zomato in the Indian equity market will result in the first-ever listing of such unicorn and will also become the largest IPO after SBI Cards(Rs 10,355 crore) launched in March 2020.