Zomato IPO - Huge Addressable Market, But Business Tough, Competitive: Anand Rathi
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Anand Rathi Report
Food aggregator Zomato has filed a draft prospectus with Securities and Exchange Board of India for a ~$1.1 billion issue (Rs 82.5 billion), comprising a fresh issue of Rs 75 billion and an offer for sale of Rs 7.5 billion.
(Info Edge India Ltd. now has an 18.55% stake.)
The company will be utilising Rs 56.25 billion (~75%) of the fresh issue to fund organic (~Rs 30 billion) and inorganic growth (~Rs 26.25 billion).
The rest will be used for general corporate purposes.
The initial public offering will be a test of Indian investors’ appetite for unicorns.
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