Zomato is raising $1.3 billion in India’s biggest IPO of the year | Avaneesh Parasar

 

Zomato is raising $1.3 billion in India’s biggest IPO of the year | Avaneesh Parasar


Zomato, which is an online restaurant aggregator and food delivery service, reported revenue of Rs 2,486 crore in FY20 and its loss widened to Rs 2,451 crore, Zomato targets $1.3 billion IPO at as high as $8.6 billion valuations, Avaneesh Parasar

Food delivery startup Zomato is looking to raise some $1.3 billion this week in an initial public offering in Mumbai, the company said in a recent regulatory filing. It expects to close its books on Friday, and is the biggest offering in the country so far in 2021, according to Dealogic.

The company plans to sell shares priced between 72 and 76 rupees (97 cents to $1.02) per share. At the upper end of the range, Zomato would be valued at almost $8 billion.

Investors are closely watching the offering, which will give some insight into the market’s appetite for Indian startups. The country has a ton of tech unicorns — companies that have reached a valuation of at least $1 billion — but none of them have ever gone public before.

Analysts have expressed concern that Indian startups — many of which have raised hundreds of millions of dollars from private markets at extremely high valuations — need to start showing consistent profits and healthy exits for investors.

“This IPO is in some sense the beginning of the Indian digital ecosystem’s promises starting to get fulfilled,” Ashish Fafadia, partner at the Indian venture capital firm Blume Ventures, told CNN Business.

He said investors will be looking at how the company performs after it lists, along with how well Zomato is able to hit quarterly targets.

“The ultimate long-term test would be if they are able to become a profitable business,” he added.
Source: https://edition.cnn.com/2021/07/14/tech/zomato-ipo-intl-hnk/index.html

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