Zomato Files for $1.1 Billion IPO

Online restaurant discovery and food delivery platform Zomato Wednesday filed a draft red-herring prospectus with the Securities and Exchange Board of India(SEBI) for a Rs 8,250 crore initial public offering(IPO), In what is the first major offering by an Indian consumer internet company is several years.
Initial public offering is the process by which a private company can go public by sale of its stocks to general public. A company offering its shares to the public is not obliged to repay the capital to public investors.
Given that DRHP was filed with SEBI on Wednesday, it will take up to two weeks before the securities watchdog reviews the filings. Howerver, once that process is over, the launch of the offering will depend on market conditions.
The company has been on of the biggest startup success stories to emerge out of India over the past decade along with its chief rival Swiggy, Flipkart etc. Dealers in the grey market, or the unofficial market for trading in unlisted shares, said the company could by valued at more than Rs 53,000crore, which will make it larger than one-third of the companies that are part of the Nifty50 Index.

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