India's Zomato to launch $1.25bn IPO next week

MUMBAI -- Indian food delivery unicorn Zomato is hoping to raise $1.25 billion in an initial public offering of shares at a range of 72-76 rupees each next week.

The company is planning to sell 90 billion rupees ($1.2 billion) worth of new shares, while majority shareholder Info Edge India is hoping to offload 3.75 billion rupees of shares it holds. The offer period is July 14 to July 16.