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Business News/ Markets / Ipo/  Swiggy IPO: Food delivery company gets shareholder approval for $1.2 billion public issue - Report
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Swiggy IPO: Food delivery company gets shareholder approval for $1.2 billion public issue - Report

Bengaluru-based Swiggy's IPO approved by shareholders to raise up to ₹3,750 crore in fresh capital and ₹6,664 crore in offer-for-sale component, reports Economic Times.

Swiggy gets shareholders’ approval to float $1.25 Bn IPO.Premium
Swiggy gets shareholders’ approval to float $1.25 Bn IPO.

Swiggy IPO: Bengaluru-based Swiggy's initial public offering (IPO) has been approved by its shareholders, reported Economic Times (ET), citing regulatory filings.

The food and grocery delivery business intends to raise up to 3,750 crore ($450 million) in fresh capital, as well as an offer-for-sale (OFS) component worth up to 6,664 crore ($800 million), said ET in its report.

“...the consent and approval of the shareholders of the company be and is hereby according to create, issue, offer, allot and/or transfer of its equity shares up to an aggregate of 37,501 million by way of a fresh issue of equity shares and an offer for sale of such number of equity shares up to an aggregate amount of 66,640 million by certain existing shareholders…," the filing read, according to ET news report.

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Also Read: Swiggy gears up for IPO: Food aggregator converts to public limited company ahead of IPO, plans to raise $1 billion

Further ET stated that in a pre-IPO round, Swiggy is reportedly seeking about 750 crore from anchor investors. Swiggy has not yet submitted its IPO filings to the Securities and Exchange Board of India (SEBI), the nation's capital markets regulator.

The special resolution passed at Swiggy's extraordinary general meeting (EGM) on April 23.

Shareholding Pattern

Dutch-listed Prosus, which owns a 33% share in Swiggy, is the company's top investor, followed by SoftBank, according to ET. Tencent, Accel, Elevation Capital, Meituan, Norwest Venture Partners, DST Global, Qatar Investment Authority, Coatue, Alpha Wave Global, Invesco, Hillhouse Capital Group, and GIC are among the other shareholders.

Data platform Tracxn indicates that the co-founders of the firm, Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, own 4.2%, 1.6%, and 1.2% of the company, respectively. In 2020, Jaimini quit his operations position to work for Pesto Tech, a new startup, according to the ET report. 

Also Read: Saudi Hospital Group Fakeeh Care to List in Riyadh IPO

Financials 

According to ET, Swiggy reported revenue of 8,265 crore for the fiscal year that ended in March 2023, a 45% rise over FY22. Its net loss also grew by 15% to 4,179 crore.

Also Read: JNK India IPO Day 2: Here are 5 key things to know from RHP before subscribing to issue

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 25 Apr 2024, 12:19 PM IST
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