NEW DELHI: Swiggy on Thursday submitted its revised draft papers to market regulator Sebi for its extremely anticipated initial public offering (IPO), which features a recent problem of fairness shares amounting to Rs 3,750 crore and an offer-for-sale (OFS) of 18.52 crore fairness shares by current shareholders, as talked about within the up to date draft purple herring prospectus (UDRHP).
Business sources estimate that the meals and grocery platform’s IPO measurement will exceed Rs 10,000 crore with the offer-for-sale element reaching as much as Rs 6,664 crore.
The present shareholders taking part within the OFS embrace Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V BV, Elevation Capital V Ltd, Impressed Elite Investments Ltd, MIH India Meals Holdings BV, Norwest Enterprise Companions VII-A Mauritius, and Tencent Cloud Europe BV.
Moreover, the Bengaluru-based firm is exploring the potential of elevating funds via a pre-IPO spherical. If profitable, the scale of the recent problem will likely be adjusted accordingly.
In accordance with the IPO paperwork, Rs 137.41 crore from the recent problem will likely be utilized to repay the debt of Swiggy’s subsidiary, Scootsy.
Moreover, Swiggy will make investments Rs 982.40 crore in Scootsy to broaden the Darkish Retailer community within the fast commerce phase, Out of which Rs 559.10 crore will likely be allotted for organising Darkish Shops and Rs 423.30 crore for lease or license funds.
The corporate additionally plans to allocate Rs 586.20 crore for expertise and cloud infrastructure enhancements, Rs 929.50 crore for model advertising and marketing and enterprise promotion initiatives, and extra funds for inorganic development alternatives and normal company functions.
The up to date draft submitting follows the approval of Swiggy’s confidential supply doc by the market regulator earlier this week which it submitted on April 30 via the confidential pre-filing route.
Underneath the confidential submitting course of, Sebi opinions the confidential DRHP and gives suggestions. Later, the corporate is required to file an replace to the confidential DRHP (UDRHP-I), incorporating the regulator’s feedback which is then made obtainable for public feedback for a interval of 21 days.
Lastly, after addressing the adjustments ensuing from public feedback, the corporate is required to replace the DRHP-II (UDRHP-II).
Established in 2014, Swiggy’s valuation reached practically $13 billion in April, in line with Tracxn, a world startup knowledge platform. The corporate’s annual income amounted to $1.09 billion as of March 31, 2023, and it at the moment employs greater than 4,700 people.
