Info Edge has now reconsidered its offer to sell shares worth Rs. 750 crore in the upcoming Zomato IPO. Well, Sanjeev Bikhchandani-led Indian internet company which will now be selling only 50%, or Rs. 375 crore of the initial offer as offer-for-sale (OFS) in Zomato’s IPO.
On 4th July, Info edge in a stock exchange mentioned, “The Committee of Executive Directors of the Company, having been duly authorized in this regard, have considered and given their approval today (further to the resolution passed by the Board of Directors of the Company on April 27, 2021) for a reduction in the size of the Offer for Sale by the Company to the extent permitted under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018…”
Now, Zomato has filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) on 28th April 2021. Now, the company has specified that it is looking out to enhance Rs. 8,250 crore through this IPO. However, reporters suggested that they are offered may value the company somewhere around $8 billion.
Recently, Info Edge has become the biggest stakeholder in Zomato with a shareholding of 18.7%. It is followed by Uber that was allocated a shared of 9.2% after it has sold its UberEats India business to Zomato in the month of January 2020.