As for a report released by the Economic Times, according to their sources, Zomato’s Initial Public Offer (IPO) is expected to be made open for subscription and in less than two weeks after receiving approval from the Securities and Exchange Board of India (SEBI) the previous week. While on the other hand, after an extraordinary general meeting on 12th July, Paytm might file its draft Initial Public Offer papers soon.
As said by those having direct knowledge of the development to the Economic Times, at a price band of ₹70-₹72 per share, Zomato’s much-awaited IPO is expected to open for a subscription on 19th July.
Making Zomato’s Initial Public Offer the second-biggest IPO in the past four years, at this price, the offered size is most likely to be as much as ₹9,375 crores. Earlier an IPO worth ₹10,355 crore was been raised by SBI Cards and Payment Services in March 2020 and a similar one of ₹11,176 crores raised by General Insurance Corporation of India in October 2017.
More than Nasdaq listed Grubhub and the Amazon-backed British food delivery firm Deliveroo, Zomato would be valued at $7.6 billion at ₹72 per share.
At around 12% above the projected Initial Public Offer price of ₹70-72, The stock is trading at ₹78 to 80 in the unofficial market for unlisted shares. For the valuation of ₹40,000 crores, shares at ₹55 to 60 were been sold by Zomato in the latest round of funding.
Approval for its Initial Public Offer has been received by Zomato from the Securities and Exchange Board of India in the previous week after filing its DRHP at the end of April.