MUMBAI: Meals & grocery supply firm Swiggy on Thursday filed papers for an IPO that’s anticipated to be value about $1.2 billion (or Rs 10,000 crore) – the most important floated by an Indian startup since Paytm’s Rs 18,300 provide 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 elevate Rs 3,750 crore via issuance of recent shares, whereas the remaining quantity will probably be raised via an offer-for-sale of as much as 18.5 crore shares by present buyers, the Bangalore-based firm’s up to date draft crimson herring prospectus (DRHP) confirmed.
Earlier this week, markets regulator Sebi had green-lighted Swiggy’s IPO filed via the confidential submitting route in April this yr. Whereas the timing of the difficulty just isn’t but recognized, Swiggy could take a look at a Nov itemizing which coincides with Diwali festivities usually thought of to be auspicious for brand new investments, sources stated.
In a rare normal assembly with shareholders subsequent week, Swiggy is more likely to elevate the dimensions of the recent situation 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 provide. 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 yr amid a strong IPO market, which noticed $7 billion value of IPOs hit the road within the first half of FY25. New-age tech firms, in reality, are heading in the right direction to log their finest IPO fund-raising yr 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.
