india

India's Zomato raises $1.26 bln in IPO: sources

Indian food delivery startupZomato Ltd ` will raise $1.26 billion by pricing itsshares at 76 rupees each in its initial public offering,according to two sources with direct knowledge of the matter.

The sources could not be named as the information has notyet been made public.

Zomato did not immediately respond to a request for comment.

The company, which is backed by Ant Group, will be valued atup to $8 billion following the IPO which is the first for a fooddelivery group in India.

The pricing is set at the top of the flagged range of 72rupees ($0.9649) to 76 rupees each at the start of the bookingbuilding process.

Zomato, launched in 2008, collates restaurant reviews andoffers home delivery of food, making it a competitor to theSwiggy and Amazon.com’s food delivery service.

Swiggy was reported had raised $1.25 billion in a privatefunding round from the likes of SoftBank’s Vision Fund 2and Prosus.

Zomato’s IPO was strongly backed by investors attractingbids worth $46.3 billion as it was more than 38 timesoversubscribed when the books closed on Friday, signallingconfidence about the fast-growing sector.

Source: Read Full Article