What's the news?
Info Edge, one of the key shareholders of Zomato, has slashed the offer for sale in the latter’s IPO by half, which would eventually reduce the total size of the IPO. The company on Sunday said its board has revised the offer for sale by the company to Rs 375 Cr worth of Zomato shares. Earlier the plan was to sell shares worth Rs 750 Cr .
More to know
The reduction in size means Info Edge is confident of the company’s future and wants to hold more of the company that it had acquired cheaply. The much anticipated IPO of Zomato is expected to hit the market later in July. However, there is no clarity on date. The total issue size is likely be around Rs 8,000 Cr, excluding pre-IPO allotment.