Zomato Pvt, an Indian food delivery startup backed by Jack Ma’s Ant Group, plans to file in April the draft prospectus for the first public offering that could generate about $ 650 million according to people familiar with the case.

The company could complete the list in Mumbai before the end of September, the people said, who asked not to be identified because the information is private.

Discussions are underway and details of the offer, such as its size and schedule, may change, people said. A Zomato representative did not immediately respond to requests for comment.

Founded in Delhi in 2008, the company employs more than 5,000 people, according to the website. Zomato recently raised $ 250 million from investors including Kora Management and Fidelity Management & Research Co., and valued the startup at $ 5.4 billion, according to a February exchange filing by Info Edge India Ltd NSE 2.73%, an existing sponsor.

The pandemic has prompted many Indian consumers to shift their online spending, bolstering the fortunes of ecommerce companies like Zomato in their quest for the exchange. Nykaa E-Retail Pvt, backed by TPG Capital, plans to localize the company and pursue a valuation of at least $ 3 billion, Bloomberg News reported.

Global IPO volumes are heading for their best quarter since at least 2009 with more than $ 188 billion raised to date this year, according to data compiled by Bloomberg.

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