Zomato Ltd plans to launch a qualified institutional placement (QIP) in December, with a target amount of up to Rs 8,500 crore (approximately $1 billion), depending on market conditions.
Morgan Stanley has been chosen as the lead investment bank, and there may be additional banks involved in the syndicate. The expected deal size is estimated to be between $800 million and $1 billion.
On November 14, Zomato's stock closed at Rs 269.6 per share on the BSE, showing a 4.27 percent increase. This comes after Swiggy Ltd's successful IPO, which raised Rs 11,327 crore and debuted on November 13 with a 7.69 percent gain, listing at Rs 420 per share compared to an IPO price of Rs 390.