Droom files draft papers for ₹3,000-cr. IPO
The Hindu
Online automobile marketplace Droom Technology has filed its draft red herring prospectus (DRHP) with SEBI for ₹3,000 crore initial public offering (IPO). The IPO will include fresh issue of equity sh
Online automobile marketplace Droom Technology has filed its draft red herring prospectus (DRHP) with SEBI for ₹3,000 crore initial public offering (IPO). The IPO will include fresh issue of equity shares worth ₹2,000 crore and an offer for sale aggregating ₹1,000 crore by promoter Droom Pte Ltd.
As per the DRHP, the company proposes to utilise the net proceeds towards funding of organic and inorganic growth initiatives and general corporate purposes. “In addition, our company expects to receive the benefits of listing of the equity shares on the stock exchanges and enhancement of our company’s visibility and brand image and creation of a public market for our equity shares in India.” it said.
Droom Technology, which competes with startups such as CarDekho, Cars24, and CarTrade, plans to utilise about ₹400 crore to fund inorganic growth opportunities over a period of five financial years from the date of listing of equity shares.
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