In a rare move, state-owned Life Insurance Corp. of India (LIC) is weighing a bid for Zomato’s shares in the online food delivery platform’s initial public offering this week, two people directly aware of the matter said. “Zomato’s growth curve demonstrates how rapid India’s transition to the internet economy has been,’’ said one of the two people. India’s largest online food ordering platform is looking to raise as much as ₹9,375 crore in the public issue. Zomato’s shares are priced between ₹72 and ₹76 apiece and will open for subscription on 14 July. “LIC’s investment committee will hold a meeting soon to take a final decision on the plan to invest in Zomato’s IPO," said the second person.

Source: Mint July 11, 2021 18:56 UTC