Shareholders of Swiggy approve an IPO to raise Rs 10,400 crore
Major grocery and food delivery service Swiggy has reportedly obtained clearance from shareholders for its initial public offering, which aims to generate Rs 10,414 crore via the issuance of new equity shares and a selling offer. At Swiggy’s extraordinary general meeting on April 23, a special resolution was approved, according to the company.
The Bengaluru-based business intends to raise up to Rs 3,750 crore via new equity shares and an additional Rs 6,664 crore through an offer-for-sale component, according to sources. In a pre-IPO deal, the business hopes to secure around Rs 750 crore from anchor investors, they said.
As of April 10, 2024, Swiggy, which was started in 2014, was valued at $12.7 billion. As of March 31, 2023, it had $1.09 billion in sales annually. Tracxn, a worldwide startup data platform, reports that the firm employs over 4,700 people.
