Info Edge reduces the size of Zomato IPO by half, to 375 crore

Zomato, an online restaurant discovery and food ordering service, is set to raise $1.2 billion in an initial public offering (IPO), paving the way for one of the most eagerly anticipated share sales in recent history.

However, according to the market observers, Zomato IPO GMP (grey market premium) today is ₹15-20, which reflects the bullish expectations of the markets in regard to the construction company’s public issue.

Info Edge, one of the largest shareholders in the food-delivery app Zomato, announced that it is reducing the size of its offer for sale (OFS) in Zomato’s IPO to 375 crore, down from 750 crore previously planned.

Read :- Zomato IPO Details, Price, Date, GMP, Review

Zomoto said The company’s revised OFS would consist of up to 3,750 million equity shares held by the company in Zomato, the terms and conditions of which will be specified in the red herring prospectus and the prospectus filed in relation to the offer, as well as other Offer related documents and agreements when an exchange filing on 4th July.

In April, Zomato filed a draught red herring prospectus (DRHP) with market regulator SEBI, proposing an IPO of Rs 8,250 crore. According to the company, it will issue new equity shares worth Rs 7,500 crore, with early backer Info Edge India Ltd selling a stake worth Rs 750 crore in Zomato’s upcoming public offering.

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