Zomato Ltd has set the offer price for its initial public offering at Rs 72-76 a share. Earlier, the firm said that its issue will open for subscription on 14 July and close on 16 July. The issue comprises a fresh issue of Rs 375 crore and an offer for sale of Rs 9,000 crore by its current promoter Info Edge India Ltd. Employee reservations were kept at 6.5 million shares.

“It is a watershed moment for the Indian markets, Zomato becomes the first major startup to get listed which will pave the way for many other such listings. Zomato is a technology-enabled food aggregator platform that connects customers, restaurant partners, and delivery partners, serving their multiple needs”, said Aditya Kondawar, COO, JST Investments.

The number of orders on their platform has increased from 3.06 cr in FY18 to 40.31 cr in FY20 and 15.52 Cr in FY21. The average order value has increased from Rs 279 in FY20 to Rs 398 in 9MFY21 and the discounts have also reduced per order from Rs 21.7 to Rs 7.3 in 9MFY21.

Zomato has seen a rapid rise in revenue across business verticals over the past few months. It clocked Rs 1,367 crore in revenues for the first three-quarters of FY21. The food-tech company’s expenses were about Rs 1,724 crore, which resulted in a loss of Rs 684 crore.