India's Zomato raises $1.26 bln in IPO

The app of Indian meals transport firm Zomato is considered on a mobile phone above its logo displayed on this illustration characterize taken July 14, 2021. REUTERS/Florence Lo/Illustration

HONG KONG, July 20 (Reuters) - Indian meals transport startup Zomato Ltd `(ZOMT.NS) will raise $1.26 billion by pricing its shares at 76 rupees every in its initial public offering, in line with 2 sources with issue files of the topic.

The sources is now no longer going to be named as the solutions has now no longer but been made public.

Zomato did now no longer correct away reply to a quiz for remark.

The firm, which is backed by Ant Community, will most seemingly be valued at up to $8 billion following the IPO which is the foremost for a meals transport neighborhood in India.

The pricing is determined on the cease of the flagged fluctuate of 72 rupees ($0.9649) to 76 rupees every at the initiating of the booking building process.

Zomato, launched in 2008, collates restaurant opinions and presents house transport of meals, making it a competitor to the Swiggy and's (AMZN.O) meals transport service.

Swiggy became once reported had raised $1.25 billion in a non-public funding spherical from the likes of SoftBank's Imaginative and prescient Fund 2 (9984.T) and Prosus (PRS.AX). learn extra

Zomato's IPO became once strongly backed by traders attracting bids charge $46.3 billion as it became once extra than 38 instances oversubscribed when the books closed on Friday, signalling self belief concerning the rapid-rising sector. learn extra

($1 = 74.6210 Indian rupees)

Reporting by Scott Murdoch in Hong Kong, enhancing by Louise Heavens

Our Requirements: The Thomson Reuters Belief Principles.

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