Online food delivery platform Zomato will soon come up with an e-grocery facility at its platform following its $100 million investment in e-grocery platform Grofers. Zomato launched its e-grocery business last year but it failed to take off due to stiff competition in the segment from Swiggy, BigBasket, and others.
Notably, Tata Digital recently acquired a majority stake in BigBasket.
Deepinder Goyal-led company has also forayed into the dietary food segment, also called nutraceuticals. Also, Zomato's HyperPure initiative already caters to fresh and high-quality supplies, including veggies, fruits, groceries and spices, to restaurants, which solidifies Zomato's position in the overall food segment.
The company has fixed the price band for its much-awaited initial public offer (IPO) at Rs 72-76 per share. It will open for subscription on July 14 and close on July 16.
The IPO comprises a fresh issue of shares worth Rs 375 crore and an offer for sale of Rs 9,000 crore by its current promoter Info Edge India Ltd. Total 65 lakh shares have been reserved for employees of the company.
Zomato plans to raise Rs 9,375 crore through the share sale. The face value is Rs 1.00 per equity share. Zomato filed its draft red herring prospectus (DRHP) in April 2021 with SEBI. The Zomato IPO has been pre-poned from July 19 to July 14.
Also read: Zomato IPO to open on July 14, price band fixed below Rs 100 per share