Zomato, the food-delivery app poised to be the first among a growing tribe of Indian tech startups eyeing a listing this year, is expected to raise $750 million to $1 billion through its initial public offering (IPO), said two people familiar with the development. But unlike traditional IPOs, no investor is likely to exit or take money off the table by selling their shares.

Deepinder Goyal, co-founder, and chief executive officer of Zomato, told employees this week that the IPO will most probably be a 100% primary offering, keeping in mind the long-term upshot that the investors expect from the stock. This means the company will end up raising more capital, rather than shareholders offloading stock in the open market, Goyal said.

• Orient Cables Eyes Rs 3,500 Crore Revenue By FY30
• Bangladesh Resumes Indian Wheat Purchases as Black Sea Disruptions Lift Prices
• Central Railway Recovers Rs 140 Crore In Ticket Fines
• Cosmic CRF Unit Bags Rs 25.94 Crore Combined Orders
• Arivihan in Talks to Raise Rs 96 Crore at Rs 570 Crore Valuation

“No existing shareholder is willing to sell any shares in our IPO. People think that Zomato will be a $50 billion company in five years (I hope) and it will be unwise to sell shares right now,” Goyal said at a recent town hall. With Zomato’s investors not opting to sell any shares in the IPO process, existing backers which include the likes of Info Edge (India), Sequoia Capital, Temasek Holdings, and Tiger Global, among others, would not rake in any returns immediately. The development is significant because it creates a huge war chest for Zomato in its fight against a well-capitalized competitor like Swiggy, which too is raising around $800 million in fresh funds.