Mumbai: The Securities and Exchange Board of India has given its nod for food delivery platform Zomato Ltd to raise funds via an initial public offering (IPO), said a person aware of the development. Now that the approval has come, the launch can happen anytime soon, most likely this month," the person said. On 29 April, Zomato filed its draft red herring prospectus (DRHP) with the markets regulator, proposing an IPO of ₹8,250 crore. The company plans to use ₹5,625 crore of the net proceeds (including pre-IPO funding) towards funding organic and inorganic growth initiatives. Earlier, CNBC had reported that Zomato is likely to have increased the offer size to about $1.25 billion with primary fund raise likely to be about 20% higher at $1.2 billion.

Source: Mint July 02, 2021 16:39 UTC