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Swiggy Gets SEBI Nod for ₹3,750 Crore IPO

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Synopsis:

Swiggy's ₹3,750 crore IPO receives SEBI approval. The Bengaluru-based firm aims to raise ₹3,750 crore in fresh capital and ₹6,664 crore via an offer-for-sale by major investors.

Swiggy Gets SEBI Nod for ₹3,750 Crore IPO

Food delivery giant Swiggy has secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its ₹1,250 crore initial public offering (IPO). The Bengaluru-based firm will now file an updated draft red herring prospectus (UDRHP), which will be open for a 21-day public feedback period before the official launch.

The IPO aims to raise ₹3,750 crore in fresh capital, alongside ₹6,664 crore through an offer-for-sale (OFS) from key investors. Prosus, Swiggy’s largest shareholder with a 33% stake, and SoftBank are expected to sell part of their holdings through the OFS. Other investors, including Accel, Elevation Capital, Meituan, Tencent, and GIC, may also participate. The company’s share price strategy is yet to be finalized.

Swiggy's IPO follows a successful year for rival Zomato, whose share price surged 192% since its 2021 IPO.

Source – Economic Times

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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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