Following shareholder approval, Swiggy files a share float paperwork with SEBI in order to raise Rs 10,414 crore
For an initial public offering (IPO), Swiggy has submitted a draft red herring prospectus via the confidential filing procedure to the Securities and Exchange Board of India.
The food and grocery delivery startup received shareholder approval only one day before filing, allowing it to raise ₹10,414 crore for an IPO that would include the issuance of new equity shares and a selling offer.
A special resolution was approved by Swiggy shareholders at their extraordinary general meeting on April 23.
By issuing new shares, the business hopes to raise around ₹3,750 crore. Additionally, existing shareholders’ shares up to ₹6,664 crore will be put up for sale. In a pre-IPO round, the business also hopes to raise around ₹750 crore from anchor investors.
Draft papers submitted via the pre-filing process for secrecy are not made publicly available. Only two companies have submitted DRHPs via this approach so far: Tata Play and Oravel Stays, which runs the hotel brand Oyo.
Companies may file for an IPO using the usual filing format up to 12 months from the date of Sebi’s observation. They do, however, have eighteen months to raise the matter under the private filing procedure.
