Zomato's ₹9,375 crore IPO to open on July 14 for subscription

New Delhi, July 08: Food ordering platform Zomato on Thursday said it plans to raise ₹9,375 crore through initial share-sale that will open for subscription from July 14 to 16.

The price band for the issue has been fixed at ₹72 to 76 per share.

Earlier this week, Zomato had received markets regulator Sebi's go-ahead for the initial public offer (IPO).

The total IPO size is ₹9,375 crore, comprises a fresh issue of equity shares worth ₹9,000 crore and an offer-for-sale to the tune of ₹375 crore by Info Edge (India) Ltd.

Zomato, which filed preliminary IPO papers with Sebi in April, obtained its observation on July 2, an update with the regulator showed on Monday.

Going by the draft papers, proceeds from the fresh issue would be used towards funding organic and inorganic growth initiatives and general corporate purposes.

The online food delivery segment has seen significant growth in the last few years with Zomato and Swiggy competing head-on to grab market share.

Zomato's FY20 revenue had jumped over two-fold to USD 394 million (around ₹2,960 crore) from the previous fiscal, while its earnings before interest, taxes, depreciation and amortization (EBITDA) loss was around ₹2,200 crore.