Swiggy IPO: Food and Grocery Delivery Major to File Confidential Draft Papers With SEBI
Swiggy is all set to file confidential draft papers with the Securities and Exchange Board of India (SEBI) for its maiden market debut. The food and grocery delivery major may file the papers by next week, Moneycontrol quoted sources in its report. The the Bengaluru-based company has already received shareholders’ approval for an initial public offering to raise Rs 10,414 crore fund through issue of fresh equity shares and an offer for sale, according to sources. A special resolution was passed at an extraordinary general meeting of Swiggy on April 23, they said.
What is Confidential IPO filing?
Confidential IPO filings allow a firm to submit a prospectus to the SEBI, but keep the details secret from possible investors until a specified time frame.
According to sources, the company plans to raise up to Rs 3,750 crore funds through fresh equity shares, in addition to an offer-for-sale component of up to Rs 6,664 crore. The company is looking to shore up about Rs 750 crore from anchor investors in a pre-IPO round, they added.
Swiggy, founded in 2014, has a valuation of USD 12.7 billion as on April 10, 2024. Its annual revenue stood at USD 1.09 billion as on March 31, 2023. The company has more than 4,700 employees, according to Tracxn, a global startup data platform.
(PTI Inputs)
