Zomato files for $1.11 billion IPO as food delivery surges in pandemic
The online food delivery platform Zomato has filed its much-anticipated draft red herring prospectus (DRHP) with markets regulator Sebi. With this, Zomato becomes the first big domestic consumer internet startup to soon go public in India.
Zomato intends to raise Rs 8,250 crore in capital by offering the company’s equity shares for sale, of which Rs 7,500 crore will be through fresh issuance. The rest of the Rs 750 crore will be an offer for sale by existing shareholder Info Edge, Zomato’s earliest backer.
On Tuesday, Info Edge the parent company of Naukri.com announced to sell its shares in a stock exchange filing in Zomato’s upcoming public offering.
InfoBeans announces Rs 10 crore share buyback plan
IT services provider InfoBeans Technologies has announced a Rs 10 crore share buyback plan.
The company will buy back shares at Rs 232, a 25% premium to its closing price of Rs 180.75 on Monday. This amounts to a four-times return in four years, it said.
The company listed on the National Stock Exchange in May 2017 at an IPO price of Rs 58. The buyback will be done in a tender process as per the guidelines of markets regulator SEBI.
The company’s net profit rose 75% year on year to Rs 36.68 crore for the financial year ended March 31. Revenue stood at Rs 196.36 crore, up 19.2%.
Set up in 2000, InfoBeans is a digital transformation and product engineering firm, and has over 950 employees across the United States, Europe and Asia.
