The much-awaited initial public offer (IPO) of online food delivery and restaurant discovery platform Zomato is expected to open for subscription on July 19 at a price band of Rs 70-72 per share, said people with direct knowledge of the development.
The offer size will likely be as much as Rs 9,375 crore at this price, making it the second-biggest IPO in the last four years after the Rs 10,355 crore offer from SBI Cards and Payment Services. In October 2017, General Insurance Corporation of India raised Rs 11,176 crore through an IPO.
At the upper end of the price band, the company will be valued at $7.6 billion (Rs 56,240 crore), more than Amazon-backed British food delivery firm Deliveroo or Nasdaq-listed Grubhub. The latter two currently trade at a market capitalisation of $7.4 billion and $5.5 billion, respectively.
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