New Delhi: Swiggy has secured approval from the Securities and Exchange Board of India (SEBI) to move forward with its initial public offering (IPO), expected to launch in November. The food delivery firm submitted its offer documents in April 2023 via the confidential pre-filing route, which keeps details under wraps until the company is ready to go public.
Reports suggest that Swiggy plans to raise Rs 11,000 crore through the IPO, with a fresh issue of Rs 5,000 crore. The company, valued at $9.3 billion as of August 2023, counts investors like Prosus, SoftBank, and Accel among its backers.
Before the IPO goes live, Swiggy must present its updated draft red herring prospectus (UDRHP) for public feedback over a 21-day period. This process allows potential investors and stakeholders to review and respond to the filing before the company finalizes its offering.
Swiggy will become the second food delivery company to list on Indian stock exchanges, following Zomato. The confidential filing route, introduced in 2022, has also been used by firms like Oyo and Tata Play, although they have not yet completed their IPOs.
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