Zomato rises on launching QIP with floor price of Rs 265.91/share

Zomato added 1.33% to Rs 277.25 after the company's board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 265.91 per share.

The floor price of Rs 265.91 is at a discount of 2.81% to the previous day's closing price of Rs 273.60 on the BSE.

The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue.

The issue price will be determined by the company in consultation with the book running lead managers appointed for the issue.

Further, the food delivery company informed that it has received communication regarding liquidation of Zomato Internet LLC (ZIL), a step down subsidiary of Zomato effective from 20 November 2024. It had already disclosed in red herring prospectus dated 6 July 2021 and prospectus dated 19 July 2021 that ZIL didn't have any active business operations and was under the process of liquidation.

 

Zomato connects customers, restaurant partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. The company also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.

Zomatos consolidated net profit surged 388.89% to Rs 176 crore on 68.5% jump in revenue from operations to Rs 4,799 crore in Q2 FY25 over Q2 FY24.

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