Zomato IPO: Info Edge to sell shares worth Rs 750 crore
Zomato is expected to file the Draft Red Herring Prospectus (DRHP) for its IPO this week. (Representative image)
BENGALURU: Info Edge, an early investor in Zomato, said it will sell shares worth Rs 750 crore in the upcoming initial public offering (IPO) of the online food ordering platform.
In a stock exchange filing on Tuesday night, it said the sale would be through a combination of fresh issue of equity shares by Zomato Limited and an offer for sale (OFS) by Info Edge.
Zomato is expected to file the Draft Red Herring Prospectus (DRHP) for its IPO this week. Info Edge said the terms and conditions of this sale will be specified in the DRHP.
Zomato’s IPO would mark what would be one of the first Indian unicorns (startups valued at $1 billion or more) to go for an IPO at a time other local startups are also aiming to launch IPOs this year. According to reports, it is aiming to raise $750 million to $1 billion.
This comes at a time when US-based startups like DoorDash have successfully launched their IPOs in the market and the sector is seeing increased action in India too.
Earlier this month, TOI reported saying SoftBank was in advanced stages of talks to invest $400-500 million in Swiggy, finally taking a bet on one of the dominant players.
Info Edge,the parent of Naukri.com, holds just under 20% stake in the Gurgaon-based food delivery firm.