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 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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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.
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.
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