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regular-article-logo Tuesday, 05 November 2024

Swiggy files share float document with SEBI after shareholders’ approval to raise Rs 10,414 crore

The company intends to raise around ₹3,750 crore through the issue of fresh shares. There will also be an offer for sale of shares held by existing shareholders of up to ₹6,664 crore

Our Special Correspondent Mumbai Published 27.04.24, 11:43 AM
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Swiggy has filed a draft red herring prospectus for an initial public offering (IPO) with the Securities and Exchange Board of India under the confidential filing route.

The filing was made just a day after the food & grocery delivery start-up secured shareholders’ approval to raise 10,414 crore through an IPO that would involve the issue of fresh equity shares and an offer for sale.

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Swiggy shareholders cleared a special resolution at an extraordinary general meeting held on April 23.

The company intends to raise around 3,750 crore through the issue of fresh shares. There will also be an offer for sale of shares held by existing shareholders of up to 6,664 crore. The company is also looking to mobilise around 750 crore from anchor investors in a pre-IPO round.

Draft documents filed under the confidentiality pre-filing route are not placed in the public domain. So far, two firms — Oravel Stays, which operates hospitality chain Oyo, and Tata Play — had filed DRHP under this route.

In a regular filing, companies have a timeframe of up to 12 months from the date of Sebi’s observation to launch IPOs. However, under the confidential filing mechanism, they get 18 months to float the issue.

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