Zomato Ltd has launched its ₹8,500 crore Qualified Institutions Placement (QIP) offer, setting a floor price of ₹265.91 per share, with an offer price of ₹252.62 per share.
The company is offering 33.65 crore shares, which represents 3.8% of its equity. This move follows shareholder approval on November 23, 2024, and aims to boost Zomato's balance sheet after a ₹1,726 crore drop in cash reserves due to its ₹2,014 crore acquisition of Paytm’s entertainment business. The proceeds will support Zomato’s operations and future strategies, but no specific usage plans were disclosed.