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Zomato has priced the initial public offering of its shares between Rs 72-76 apiece, up from the expected Rs 70-72, which will help it raise Rs 9,375 crore, the food delivery behemoth said on Thursday.

The subscription will open on July 14 and close on July 16, it added.

Rs 9,000 crore of the expected raise will come from a fresh issuance, while existing shareholder Info Edge’s offer-for-sale is expected to bring in the remaining Rs 375 crore.

Info Edge, a key shareholder in the company, recently slashed the OFS in Zomato by half – from Rs 750 crore to Rs 375 crore – indicating confidence in Zomato and expectations its IPO would perform well.

Zomato’s shares in the grey market are trading at Rs 87 to Rs 92 per scrip, nearly 15-20 percent higher than the upper end of its pricing range.

Zomato filed preliminary IPO papers with the Securities and Exchange Board of India (SEBI) in April, and obtained its observation on July 2, an update with the regulator showed earlier this week.

SEBI’s observation is necessary for any company to launch public issues like IPO, follow on public offer (FPO) and rights issue.

The startup said it expects to use proceeds from the IPO to fund organic and inorganic growth initiatives, and for general corporate purposes, according to its IPO filing.

The online food delivery segment has seen significant growth in the last few years, with Zomato and Swiggy competing head-on to grab market share.

Zomato’s 2019-20 revenue had jumped over two-fold to $394 million (around Rs 2,960 crore) from the previous fiscal year, while its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) loss was around Rs 2,200 crore.

In February, Zomato had raised $250 million (over Rs 1,800 crore) in funding from Tiger Global, Kora, and others, valuing the online food ordering platform at $5.4 billion.

Kotak Mahindra Capital, Morgan Stanley India, and Credit Suisse India are the global coordinators and book running lead managers to the issue.