Home/ Companies / News/  Info Edge to sell stake worth 750 cr in Zomato-IPO

Bengaluru: In its official submission to the Bombay Stock Exchange (BSE), Info Edge India Ltd., on Tuesday said that it will be selling its stake worth 750 crore in Zomato's upcoming public offering.

The foodtech platform is expected to file its draft red herring prospectus by tomorrow morning, told one of the individuals aware of the discussion to Mint.

“The Board of Directors of the Company today considered and have given their approval to the Company to participate in the said Offer for Sale of up to such number of shares of Zomato Limited as would aggregate upto 7,500 million, the terms and conditions of which will be specified in the Draft Red Herring Prospectus, the Red Herring Prospectus and the Prospectus, and in certain other offer documents and agreements," said Info Edge as a part of its official filings.

Info Edge, which has been an early backer of the foodtech platform owned almost 18.4% stake in the company, after its latest funding round in February, this year.

The company is now eyeing for a $1 billion listing, as a part of its public offering, a second individual told Mint.

Foodtech unicorn, Zomato has been gearing up for its initial public offering (IPO) over the last year, and had appointed Kotak Mahindra Bank as its lead merchant banker. It also appointed Cyril Amarchand Mangaldas and Indus Law, as legal advisors to assist in its IPO, back in November, last year.

The company had also made changes to its leadership appointing Akshant Goyal as its new chief financial officer, who has also previously been an investment banker with Kotak Mahindra Bank.

In the run up to its IPO, the company has also raised close to $910 million, and bought in 10 new investors, including Kora Management LP, Baillie Gifford, Luxor Capital, Steadview, D1 Capital and Mirae Asset on its cap table.

As per its latest fund raise, Zomato was valued at close to $5.4 billion, and may look at a valuation of upto $8 billion with its public listing, according to media reports.

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Updated: 27 Apr 2021, 10:39 PM IST
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