Zomato Limited’s Initial Public Offering

IndusLaw and Latham & Watkins advised the Managers on the deal. Cyril Amarchand Mangaldas acted as legal counsel to Zomato; J. Sagar Associates acted as legal counsel to Info Edge (India) Limited, the selling shareholder.

Zomato Limited executed an initial public offering valued at $1.26 billion, on the Bombay Stock Exchange (BSE).

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 Managers were Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Credit Suisse Securities (India) Private Limited, BofA Securities India Limited and Citigroup Global Markets India Private Limited.

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.

The IndusLaw team consisted of Partners Manan Lahoty (Picture) and Abhiroop Lahiri; Principal Associates: Abhyuday Bhotika and Priyadarshini Rao; Associates: Pooja Maloo, Geethanjali Jujjavarapu, Kamiya Marwah and Medhashree.

The Latham 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.

Involved fees earner: Abhyuday Bhotika – IndusLaw; Geethanjali Jujjavarapu – IndusLaw; Abhiroop Lahiri – IndusLaw; Manan Lahoty – IndusLaw; Pooja Maloo – IndusLaw; Kamiya Marwah – IndusLaw; Priyadarshini Rao – IndusLaw; Medhashree Verma – IndusLaw; Les Carnegie – Latham & Watkins; Esha Goel – Latham & Watkins; Rajiv Gupta – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Elisabeth Ong – Latham & Watkins; John Reinert – Latham & Watkins; Nabil Sabki – Latham & Watkins;

Law Firms: IndusLaw; Latham & Watkins;

Clients: Citigroup Global Markets India Private Limited; Credit Suisse Securities (India) Private Limited; DSP Merrill Lynch Limited; Kotak Mahindra Capital Co. Ltd.; Morgan Stanley India Company Private Limited;

Author: Sonia Carcano