Zomato mentioned it could worth its Rs. 9,375-crore IPO at Rs. 72–Rs. 76 per share, with the IPO set to open for subscription from July 14 to 16.

The firm, backed by China’s Ant Group and one in every of India’s most distinguished startups, filed for its IPO in late April to money in on a pandemic-led surge in on-line ordering.

Being the primary meals supply firm to pursue a public itemizing in India, the IPO might be intently watched by traders and is anticipated to see robust demand.

The chief of Oyo Hotels, one other well-known Indian startup, mentioned on Wednesday upcoming IPOs can be checked out very intently because the SoftBank-backed hospitality firm was additionally contemplating going public.

For IPOs in India, 2021 has been a powerful yr with 22 firms debuting thus far. A flush of cash from overseas funds and mom-and-pop traders placing their cash saved throughout the lockdown to work have pushed the surge.

Zomato’s provide will comprise a recent challenge of shares value as much as Rs. 9,000 crores and a sale by prime shareholder Info Edge (India) value as much as Rs. 375 crores, in response to paperwork seen by Reuters.

At the higher finish of the value vary, the corporate’s market worth comes as much as Rs. 59,623 crores.

The firm was launched in 2008 and competes with rivals equivalent to Accel-backed Swiggy and Amazon.

Zomato and Swiggy dominate the Indian meals supply market, which analysis agency RedSeer estimates is value $4.2 billion (roughly Rs. 31,400 crores), whereas Amazon stays a comparatively new and smaller participant.

Zomato is scheduled to carry a digital press briefing at 06:30 GMT (12pm IST) on its IPO.

Morgan Stanley, Credit Suisse, and Citigroup are among the many lead book-running managers for the IPO.

© Thomson Reuters 2021