Info Edge, the Indian job board, which owns a stake in food delivery platform Zomato, announced that it will sell its stake, in a proposed IPO for Zomato.

The Board of Directors of Zomato approved the Offer for Sale which will see Info Edge sell its stake in the food delivery platform worth INR 7.50 billion (USD 100 million).

Info Edge added that it is expected to file its Draft Red Herring Prospectus today.

According to the Economic Times, Zomato’s IPO is one of the most awaited in recent capital market history given that it will be among the first technology unicorns to be listed in India. Info Edge holds stake of around 19% in Zomato after the company's recent fundraising.

The food delivery platform is reportedly planning to raise around $700 million to $1 billion through the IPO. According to LiveMint, the company had been gearing up for the IPO over the last year.