Lawstreet Journal

Zomato to introduce $1.11 billion IPO as food delivery surges amid pandemic

Lawstreet Journal 29 Apr 2021 1:12am

Image courtesy: Lawstreet Journal Business Zomato to introduce $1.11 billion IPO as food delivery surges amid pandemic

On Wednesday (April 28, 2021), Zomato, the online food ordering delivery platform, filed a draft of its much-anticipated red herring prospectus (DRHP) with market regulator SEBI, this becoming India's first major domestic consumer internet start-up to go public.

In its filing, Zomato stated that it plans to collect Rs. 8,250 crores in capital by selling the company's equity shares, with Rs. 7,500 crore coming from new issue. The remaining Rs. 750 crore will be offered for sale by Zomato's initial sponsor, Info Edge. The parent company of revealed its intention to sell its shares in Zomato's forthcoming public offering in a stock exchange filing. 

According to the financials shared in the prospectus, Zomato earned Rs. 1,367.65 crores in revenue from (April 1 to December 31, 2020), while losing Rs. 684.15 crore over the same time.

Preparations For Big-Bang IPO

The transition comes only a few weeks after Zomato renamed itself Zomato Limited and changed its name from a private entity to a public limited corporation by amending its Memorandum of Association. It expressed its intention to file the DRHP with SEBI and related stock exchanges in order to list its equity shares on one or more of the stock exchanges.

The company's profits were Rs 2,742.74 crore in the fiscal year ended March 31, 2020, while losses were Rs 2,362.8 crore, indicating that despite a substantial drop in revenues in the first nine months of FY21, the company was able to slash losses thereafter. 

“As the COVID-19 pandemic-related lockdowns in India began to ease toward the… Continue Reading...

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