This amount is higher than the Rs 3,750 crore that the company initially planned to raise, in addition to a Rs 6,664 crore offer for sale. Swiggy has made a confidential filing of its draft prospectus for its IPO with the Securities and Exchange Board of India (Sebi).
The final size of Swiggy’s IPO could be different from the approval it is seeking from its shareholders.
ETtechThe company’s board of directors had first accorded its approval to the public offering back in April paving the way for Swiggy to make the confidential filing with Sebi.Tuesday’s development was first reported by online news portal Entrackr.
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Last week, Swiggy reported its financials for the year ended March 31, 2024. It recorded a 36% growth in its operating revenue to Rs 11,247 crore, while managing to reduce its net loss to Rs 2,350 crore — 44% lower than a year ago.
In its mainstay food delivery business, Swiggy competes with Gurugram-based Zomato, while in the quick commerce space, its vertical Instamart competes with the likes of Zomato-owned Blinkit, Nexus Venture Partners-backed Zepto, Flipkart Minutes and Tata Digital’s BigBasket.
Besides the IPO, several secondary transactions have been happening, where new investors are joining Swiggy’s capitalisation table ahead of the company going public.
On August 28, ET was the first to report that the family office of Bollywood superstar Amitabh Bachchan has picked up a small stake in Swiggy by purchasing shares held by the firm’s employees and early investors.
Motilal Oswal Financial Services chairman Raamdeo Agrawal has also acquired a stake in Swiggy, in addition to automobile materials manufacturer Hindustan Composites.