Info edge to sells Zomato shares in IPO

Zomato’s earliest and largest shareholder, Info Edge, will sell shares worth ₹750 crore in the impending first sale of stock (IPO) of the food delivery organization, it said in a stock trade recording on Tuesday evening.

The parent of Naukri.com said details of the deal will be remembered for Zomato’s Draft Red Herring Prospectus (DRHP). Sources said the DRHP will be documented with market controller, Securities and Exchange Board of India, on Wednesday.

Info Edge India said its investee organization Zomato has proposed a first sale of stock of new value shares and furthermore a proposal available to be purchased, as indicated by the documenting.

Info Edge shares acquired 1.1% to close at ₹4,944.50 on Tuesday. ET was quick to write about March 3 that Zomato is relied upon to raise $750 million to $1 billion through its IPO.

The Gurugram-based organization is probably going to be valued at $6-$8 billion and will arise as the first big consumer internet startup to tap the public business sectors in the midst of a lot of other domestic internet firms looking at an IPO in the following year or thereabouts.