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It was just recently when Zomato had announced that it was going to hold a public initial public offering (IPO). It was reported that during the IPO, the largest stakeholder of the company would be selling all of its stakes in the company.
Although everyone thought that things were going to run smoothly for the IPO, the very shareholder has now caused a hiccup in the entire process. It is has been revealed that Zomato’s top stakeholder, Info Edge has no plans of selling all of its stake in Zomato.
This means that even when the company goes public, Info Edge would own shares of the company. The information has been revealed and confirmed by one of the senior executives from Zomato.
It was back in April 2021, when Zomato had made the announcement of intending to go public. This is when the company filed for up to 82.5 billion rupees worth of initial public offering (IPO). At the time of writing, the particular figure translates to $1.1 billion.
The company has announced that for the IPO, it would launch 75 billion rupees worth of new/fresh shares in the market. The company had also revealed where it was going to spend the yields from the particular IPO.
The company has revealed that with the raised funds, it would go towards initiatives such as inorganic and organic growth. The company has also confirmed that throughout the process, the company would also carry out takeovers or mergers.
As mentioned previously, when it comes to the top shareholders of the Zomato, Info Edge ranks at the top. At the time of writing, the company holds 7.5 billion rupees worth of shares at Zomato, translating to $101 million.
This information was reportedly shared by Info Edge in its stock exchange filing for the month of April 2021.
The executive direction and chief financial officer at Info Edge, Chintan Thakkar talked about the company’s decision not to sell the stocks entirely. Thakkar stated that Info Edge has the intention of investing more in Zomato in the long run. Therefore, it does not want to find itself in a bad position by selling all of its stocks/stake in the company.
Info Edge also has the title of being the first-ever institutional firm that invested and back Zomato at the time of launch. As of now, Info Edge holds a large percentage of stake in Zomato, which is said to be around 18%.
The company even has other major investors such as Temasek (state investor in Singapore), Ant Group (Alibaba affiliate), and Uber (ride-hailing giant).
Thakkar stated that initially, they had announced that they could sell up to $100 million worth of stakes in the company. However, the option of not selling a single stake or share of Zomato is still a profitable option.
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