The Securities and Exchange Board of India (Sebi) has given the go-ahead for food delivery giant Swiggy to launch an initial public offering (IPO), said people with direct knowledge of the development. The company had filed its offer document with Sebi on April 30 under the pre-filing (confidential) route. As a result, the IPO details are not officially in the public domain. However, news reports suggest the company has upsized the IPO to over Rs 11,000 crore, with a fresh fundraise of Rs 5,000 crore.
Before Swiggy launches its IPO, it will have to place its updated draft red herring prospectus (UDRHP) in the public domain for at least 21 days. During this period, the public is allowed to provide any feedback on the offer document. Once this period is over, the company can proceed with its IPO.
Swiggy will be the second food delivery firm to list on the bourses after Zomato, which is currently valued at Rs 2.6 trillion, with its shares jumping 2.3 times so far this year.
Sources said Swiggy is eyeing the IPO launch in November. If successful, Swiggy will be the first company to successfully go public under the confidential filing route. Besides Swiggy, only three other companies have taken the confidential filing route. These are Partners Group and Kedaara Capital-promoted Vishal Mega Mart (VMM), Softbank-backed hotel aggregator Oyo, and DTH firm Tata Play.
First Published: Sep 24 2024 | 7:30 PM IST
