Softbank-backed Swiggy aims to raise Rs 3,750 crore through a fresh issue of shares. (Image credit: Firosnv/ Unsplash)
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Softbank-backed Swiggy aims to raise Rs 3,750 crore through a fresh issue of shares. (Image credit: Firosnv/ Unsplash)
In a bid to expand quick commerce, Swiggy, the Bengaluru-based food-tech company, has submitted its updated draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), outlining plans for an initial public offering (IPO).
According to the filing, Softbank-backed Swiggy aims to raise Rs 3,750 crore through a fresh issue of shares, as reported by the Economic Times. Additionally, the IPO will include an offer-for-sale (OFS) component, allowing existing shareholders to sell up to 185.3 million shares.
Founded in 2014 as a restaurant aggregator, Swiggy has grown into a major player in the food delivery space. If successful, this IPO would mark a milestone for the company, making it the second food-tech firm to go public in India, following its rival Zomato.
The company has listed a team of prominent financial institutions to manage the IPO process. The roster of book-running lead managers includes Kotak Mahindra Capital, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities India, and ICICI Securities.
Also see: Hyundai Plans IPO in India; Aims to Raise $3 billion: Report
As Swiggy prepares to go public, industry watchers are keeping a close eye on developments. The IPO is expected to attract considerable attention from investors, given the company's strong position in the rapidly growing food delivery market in India.
However, specific details about the timing and valuation of the IPO have not yet been announced.
Swiggy, valued at nearly $13 billion earlier this year, continues to draw high-profile investors from the worlds of sports and Bollywood
The company, which began operations a decade ago, has seen significant growth, with annual revenue reaching over $1 billion for the fiscal year ending March 2023. With a headcount exceeding 4,700 employees, Swiggy has become a major player in India's burgeoning tech scene.
Also see: Ola Electric IPO Goes Live With 19.97 Per Cent Jump
Among notable figures who have joined the company's investor roster are Indian cricket stars Rahul Dravid and Zaheer Khan, along with tennis pro Rohan Bopanna. Others who have recently acquired shares in the food delivery startup are filmmaker Karan Johar and actor-entrepreneur Ashish Chowdhry.
This latest round of investments follows earlier backing from Bollywood icons Amitabh Bachchan and Madhuri Dixit Nene, as well as tech entrepreneur Ritesh Malik, founder of co-working space Innov8.
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