Food delivery company Zomato Private Limited is preparing to appoint merchant banks and law firms as it braces to become the first modern consumer internet initial public offering (IPO) to list on the Indian bourses, people familiar with the matter told Moneycontrol. “Zomato has picked Kotak Mahindra Capital as the left lead merchant bank for the proposed IPO in 2021. Additional merchant banks, both domestic and international, are likely to be added at a later stage. Law firms Cyril Amarchand Mangaldas and Indus Law are on board as legal advisors,” one of the persons cited above told Moneycontrol. A second person confirmed the same. To be sure, the left lead merchant bank has the key responsibility in the documentation of an IPO and leads the interaction with the market regulator. “After deliberations, Zomato has opted for a domestic IPO as compared to an overseas listing. Its key investors are also comfortable with an India IPO,” said a third person. “Many bankers feel one can get the same valuations in India as several Asian and Indian investors are keen to diversify from financial and consumer companies to technology and internet firms. Look at Indiamart Intermesh for instance,” added the first person cited above. “The IPO plan is on in full steam. They may look at filing the DRHP with Sebi between April–June 2021 and look to launch the deal later in the year post October,” shared the third person cited above. All the three persons spoke to Moneycontrol on the condition of anonymity. Zomato, Cyril Amarchand Mangaldas, and Indus Law declined to comment. Moneycontrol is awaiting an email response from Kotak Mahindra Capital.