<p>Indian food delivery startup Zomato Ltd will raise $1.26 billion by pricing its shares at 76 rupees each in its initial public offering, according to two sources with direct knowledge of the matter.</p>.<p>The sources could not be named as the information has not yet been made public.</p>.<p>Zomato did not immediately respond to a request for comment.</p>.<p>The company, which is backed by Ant Group, will be valued at up to $8 billion following the IPO which is the first for a food delivery group in India.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/zomato-ipo-gets-bumper-38-times-oversubscribed-1009270.html" target="_blank">Zomato IPO gets bumper 38 times oversubscribed</a></strong></p>.<p>The pricing is set at the top of the flagged range of 72 rupees ($0.9649) to 76 rupees each at the start of the booking building process.</p>.<p>Zomato, launched in 2008, collates restaurant reviews and offers home delivery of food, making it a competitor to the Swiggy and Amazon.com's food delivery service.</p>.<p>Swiggy was reported had raised $1.25 billion in a private funding round from the likes of SoftBank's Vision Fund 2 and Prosus.</p>.<p>Zomato's IPO was strongly backed by investors attracting bids worth $46.3 billion as it was more than 38 times oversubscribed when the books closed on Friday, signalling confidence about the fast-growing sector. </p>
<p>Indian food delivery startup Zomato Ltd will raise $1.26 billion by pricing its shares at 76 rupees each in its initial public offering, according to two sources with direct knowledge of the matter.</p>.<p>The sources could not be named as the information has not yet been made public.</p>.<p>Zomato did not immediately respond to a request for comment.</p>.<p>The company, which is backed by Ant Group, will be valued at up to $8 billion following the IPO which is the first for a food delivery group in India.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/zomato-ipo-gets-bumper-38-times-oversubscribed-1009270.html" target="_blank">Zomato IPO gets bumper 38 times oversubscribed</a></strong></p>.<p>The pricing is set at the top of the flagged range of 72 rupees ($0.9649) to 76 rupees each at the start of the booking building process.</p>.<p>Zomato, launched in 2008, collates restaurant reviews and offers home delivery of food, making it a competitor to the Swiggy and Amazon.com's food delivery service.</p>.<p>Swiggy was reported had raised $1.25 billion in a private funding round from the likes of SoftBank's Vision Fund 2 and Prosus.</p>.<p>Zomato's IPO was strongly backed by investors attracting bids worth $46.3 billion as it was more than 38 times oversubscribed when the books closed on Friday, signalling confidence about the fast-growing sector. </p>