Latham Advises on US$1.3 Billion IPO of Zomato

Deal team advised the underwriters in first listing of an Indian tech unicorn.

July 23, 2021

Latham & Watkins represented the Lead Managers in the US$1.3 billion initial public offering by Zomato Limited (“Zomato”), a leading Indian food delivery platform, on the Bombay Stock Exchange (BSE). This the first offering by one of India’s tech unicorns, and the third largest IPO in Indian capital market history.

Zomato offered 93.75 billion equity shares in its debut listing on the Indian stock exchanges (BSE and NSE) with a final share price of Rs 115 (BSE) and Rs 116 (NSE). The listing was oversubscribed more than 38 times, generating demand of Rs 2.13 lakh crore.

The company intends to use the proceeds from the public offering to invest in customer and user acquisition, delivery infrastructure and technology infrastructure, as well as general corporate purposes.

The deal team was led by Singapore partner Rajiv Gupta, with Singapore associates Esha Goel and Elisabeth Ong. Washington D.C. partner Les Carnegie and Chicago partner Nabil Sabki with associate John Reinert also advised on the transaction. Advice on tax matters was provided by New York partner Jiyeon Lee-Lim.

About Zomato Ltd:

Zomato is an Indian multinational restaurant aggregator and food delivery company, and one of India’s technology unicorns. Zomato provides a technology platform which connects customers, restaurant partners and delivery partners. Customers use the platform to search/discover restaurants, read/write reviews, upload photos, order food, book tables and make payments while dining-out.

About Latham’s India Practice:

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practice’s among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$80 billion since 2018.

 
 
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