Swiggy has planned to go public in the first week of September by offering its shares through an initial public offering (IPO) worth USD 1.2 billion, as per media reports. In May, it got approval from shareholders for an IPO.
Swiggy, as per media reports, will most likely file its draft red herring prospectus with India’s markets regulator by as early as the first week of September, marking the second-largest IPO of a venture capital-backed company in the country. 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, according to media reports.
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.
In preparation for the IPO, Swiggy has been reducing its spending and integrating its various business verticals.
If Swiggy’s IPO goes as planned, it may also become one of the biggest-ever public listings in India, reported media. The proposed IPO is coming at a time when Swiggy’s rival Zomato has seen a surge of 67 per cent in the last six months.
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