Swiggy Confidentially Files IPO Papers With Sebi

Swiggy is planning to go public on bourse by offering its shares to the public through an initial public offering (IPO). Earlier this week, it got approval from shareholder for the IPO worth USD 1.2 billion.

According to media reports, it filed the documents with the Securities and Exchange Board of India (Sebi). This filing has been made confidentially, meaning the details are not yet available to the public.

The IPO plan includes the sale of both new shares and existing shares and may also involve a pre-IPO placement to anchor investors. The company’s major investors, including Prosus and SoftBank, are expected to sell some of their shares.

Swiggy is taking advantage of a new filing route introduced by Sebi in 2022, which allows preliminary details to be kept confidential. This offers companies more flexibility in determining the size of the offering.

Several other new-age companies are also planning to go public, including Ola Electric, Awfis, Mobikwik, Unicommerce and Ixigo. Swiggy’s proposed IPO is set to be one of the largest among these new-age companies. In preparation for the IPO, Swiggy has been reducing its spending and integrating its various business verticals.