Swiggy Sets Stage for IPO With Shareholder Approval, Plans To Raise Over ₹10,000 Cr
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Swiggy has obtained shareholder approval for its Initial Public Offering (IPO), according to regulatory filings.

What Happened: As reported first by ET in an article, the food and grocery delivery giant aims to raise up to ₹3,750 crore in fresh capital and an additional ₹6,664 crore through an offer-for-sale (OFS) per filings with the Registrar of Companies.

The company is also planning to secure approximately ₹750 crore from anchor investors in a pre-IPO round, although it has not yet filed its IPO documents with the Securities and Exchange Board of India (SEBI).

Swiggy’s IPO is among several from new-age startups preparing to go public this year, including omnichannel retailer Firstcry, Ola Electric, and Ather.

See also: JNK IPO Day 3: Latest GMP, Subscription Status, And More

A special resolution passed during an extraordinary general meeting (EGM) on April 23 confirmed shareholder consent for issuing equity shares up to ₹3,750 crore and selling existing shares up to ₹6,664 crore.

Prosus, listed in the Netherlands, holds the largest stake in Swiggy at 33%, followed by SoftBank. Other significant shareholders include Accel, Elevation Capital, and Meituan, among others.

For the fiscal year ending March 2023, Swiggy reported a 45% increase in revenue to ₹8,265 crore from the previous year, although its net loss widened by 15% to ₹4,179 crore.

In January 2022, after leading a $700 million funding round, Invesco marked up Swiggy’s valuation to $12.7 billion, while Baron Capital also recently adjusted the fair value to $12.1 billion.

Read next: JioCinema’s Post-IPL User Retention Plan? Premium Plans Get Major Price Cut, Monthly Plan Begin At ₹29

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
NewsIPOsSwiggy