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Indian tech start-up goes for $1.2bn IPO

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3 years ago

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One of India’s biggest tech start-ups, has gone on sale with a $1.2bn initial public offering

Food delivery app Zomato raised $562.3m from institutional investors, already securing nearly 45% of the $1.3 billion it plans to raise through the IPO.

The 12-year-old startup revealed the news in a filing to local stock exchanges, with the official IPO to launch on Wednesday and close on Friday.

Among the investors are Tiger Global, and Government of Singapore, each backing the startup in the public markets.

Analysts are wary of the loss-making company’s high valuation

Zomato, backed by Jack Ma’s Ant Group, is the first of India’s major digital start-ups to issue an IPO.

Zomato’s three-day offering – with shares priced between 72 to 76 rupees per share – is expected to take the company’s valuation to $9 billion. Trading in the stock is likely to begin on 27 July.

As Zomato gears up for launch, it’s listing illustrates the confidence high-profile investors are placing in the world’s second-largest internet market’s first real consumer internet offering.

In a virtual press conference last week, Zomato executives confirmed that the startup plans to focus largely on India and will explore categories such as online grocery delivery in the future.

Amazon not seen as a competitor

The executives from Zomato dismissed Amazon as a serious competitor – at least for now.

“There’s no major impact on market share from Amazon so far,”

Amazon entered the food-delivery market back in 2020 and is only operational in Bangalore, India.

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Money

What to expect for IPO markets

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20 hours ago

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September 13, 2024

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With high interest rates and geopolitical uncertainty–what’s in store for IPO markets?

As the second half of 2024 begins, the IPO market is poised for a potential rebound after a sluggish start to the year.

With improving economic conditions and renewed investor confidence, more companies seem to be considering going public, creating market optimism.

However, challenges such as inflation and geopolitical uncertainties remain key factors to watch.

Dean Quiambao, a partner at Armanino joins Veronica Dudo to discuss what experts are predicting for the IPO landscape in the coming months and how businesses are positioning themselves for success.

#IN AMERICA TODAY #trending #IPO #IPOmarkets #ratecuts

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Money

ASX positioned for strong start after positive stock rebound

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4 days ago

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September 10, 2024

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The ASX is set for a solid opening today, bolstered by overnight gains in the banking, commodities, and energy sectors.

Despite these positive movements, analysts are suggesting that the stock rebound and bond decline appear to be technically driven, noting that it may not mark the beginning of a longer-term trend.

Market analyst David Scutt from StoneX joins to discuss the latest market movements. #featured #trending

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Elon Musk is projected to become the world’s first trillionaire

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4 days ago

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September 9, 2024

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Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, is projected to achieve an unprecedented financial milestone by becoming the world’s first trillionaire by 2027.

Currently the richest person alive, Musk holds a staggering net worth of $251 billion, with Tesla playing a major role in his fortune.

At this rate, experts predict his wealth could skyrocket, reaching the trillion-dollar milestone in just three years.

Tesla itself is growing at a remarkable pace, with a market value nearing $670 billion. #featured #trending

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