Swiggy information for Rs 10k crore IPO, eyes Diwali itemizing

MUMBAI: Meals & grocery supply firm Swiggy on Thursday filed papers for an IPO that’s anticipated to be price about $1.2 billion (or Rs 10,000 crore) – the largest floated by an Indian startup since Paytm’s Rs 18,300 supply in 2021. The IPO is predicted to be up-sized to about $1.4 billion (or Rs 11,700 crore) in a shareholder meet subsequent week, sources stated.
Swiggy is trying to increase Rs 3,750 crore by means of issuance of contemporary shares, whereas the remaining quantity can be raised by means of an offer-for-sale of as much as 18.5 crore shares by current buyers, the Bangalore-based firm’s up to date draft pink herring prospectus (DRHP) confirmed.
Earlier this week, markets regulator Sebi had green-lighted Swiggy’s IPO filed by means of the confidential submitting route in April this 12 months. Whereas the timing of the difficulty will not be but identified, Swiggy might take a look at a Nov itemizing which coincides with Diwali festivities usually thought-about to be auspicious for brand spanking new investments, sources stated.

In a rare common assembly with shareholders subsequent week, Swiggy is more likely to increase the dimensions of the contemporary difficulty to Rs 5,000 crore, sources stated.
Swiggy’s IPO is bigger than rival Zomato’s, which debuted on Dalal Avenue in 2021 with its Rs 9,375-crore supply. The startup’s largest shareholders Prosus, Accel, Elevation Capital and Norwest Enterprise Companions are amongst these promoting. Swiggy will use a portion of the IPO proceeds to scale up its fast commerce enterprise by increasing its community of darkish shops.
A batch of startups together with Ola Electrical and FirstCry obtained listed on the bourses this 12 months amid a strong IPO market, which noticed $7 billion price of IPOs hit the road within the first half of FY25. New-age tech firms, in reality, are on the right track to log their greatest IPO fund-raising 12 months since 2021 throughout which the primary wave of huge startup IPOs had swept Dalal Avenue. Swiggy was final valued at $10.7 billion when it raised $700 million from buyers in Jan 2022. The corporate’s income from operations stood at Rs 3,222 crore in Q1 FY25 whereas it posted consolidated losses of Rs 611 crore. Rival Zomato is worthwhile.