New Delhi: Swiggy, a prominent food and grocery delivery service, has reportedly obtained approval from the Securities and Exchange Board of India (Sebi) to go ahead with its highly awaited Initial Public Offering (IPO), according to sources on Wednesday. Swiggy submitted its offer document on April 30 via the confidential pre-filing route, choosing to keep details undisclosed for now.
During the confidential filing process, Swiggy will send in two revised draft prospectuses following Sebi's approval -- one incorporating the regulator's input and the other for receiving public feedback for a period of 21 days. Sources stated that the company will only file the final prospectus and begin launching roadshows for the IPO at that point. Swiggy, established in 2014, was valued at close to USD 13 billion in April.
Tracxn, a global startup data platform, reported that the company has over 4,700 employees and its yearly earnings were USD 1.09 billion by March 31, 2023. During April, sources had previously confirmed that Swiggy got shareholders' consent for an IPO in order to raise a fund of Rs 10,414 crore through the issuance of new equity shares and an Offer-For-Sale (OFS). Swiggy passed a special resolution during an extraordinary general meeting on April 23, according to reports.
Sources indicate that the company based in Bengaluru intends to raise funds totaling Rs 3,750 crore through new equity shares and an additional OFS component of up to Rs 6,664 crore. The company plans to raise approximately Rs 750 crore from anchor investors in a pre-IPO round, they have announced. Swiggy recently revealed "Project Next", a new initiative focused on offering career development chances for its delivery partners while also speeding up the process of adding new restaurants.
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