Foodtech major Swiggy has made a provision to raise an additional sum of ₹1,250 crore through its initial public offer.

The company has reportedly received shareholder approval to increase the size of the primary issue from ₹3,750 crore to ₹5,000 crore at an extraordinary general meeting on October 3.

The offer for sale component remains unchanged at an estimated ₹6,664 crore.

The company in its draft prospectus has said that corporate selling shareholders will offer 18.52 lakh shares.

This includes shares from Accel India IV (Mauritius), Apolleto Asia Ltd, Coatue PE Asia, Alpha Wave Ventures, DST EuroAsia, Elevation Capital V, Inspired Elite Investments, MIH India Food Holdings, Norwest Venture Partners VII-A-Mauritius and Tencent Cloud Europe.

The Bengaluru-based company’s public market debut is expected to be one of the largest new-age IPOs, with an overall size potentially reaching ₹10,414 crore ($1.25 billion) or ₹11,664 crore ($1.4 billion) if the IPO size is increased.

Swiggy is preparing for its IPO later this year and has been gearing up for its public market debut for several months.

In 2023-24, Swiggy reported a narrowing of losses alongside a significant increase in revenue.

The company’s revenue from operations grew 36 per cent, rising from ₹8,265 crore in 2022-23 to ₹11,247 crore in 2023-24.

During the same period, Swiggy’s losses decreased 44 per cent from ₹4,179 crore to ₹2,350 crore, aided by stronger expense control.

The company’s revenue from operations stood at ₹3,222.2 crore in the April-June period of the current fiscal year, marking a 35 per cent increase from ₹2,389.8 crore recorded in the corresponding period last year.

In its draft prospectus, Swiggy has proposed to utilise the net proceeds towards repayment of borrowings and investment in subsidiary Scootsy.

It will expand its dark store network for quick commerce segment and invest in technology and cloud infrastructure.

The food tech platform on Friday announced the launch of its 10-minute meals and beverages delivery service Bolt.

Meanwhile, as many as 13 companies filed IPO papers on Monday, including Vikram Solar, Aditya Infotech and Varindera Constructions.

These firms are expected to collectively garner at least ₹8,000 crore, according to the draft papers filed by them on Monday.

These IPOs are across sectors, deal size and combination of fresh issues and offer for sale (OFS).