Swiggy Announces Plans for Landmark IPO with ₹10,000 Crore Issue The fresh issue and the OFS component will bring the company's IPO to INR 10,414 crore.
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Food delivery platform Swiggy announced its plans to go public with its Initial Public Offering (IPO) in what looks to be one of the biggest listings in the current market debut boom in India and is proposed to be listed on BSE Limited and National Stock Exchange of India Limited (NSE).
The offering will consist of fresh issues of face value INR 1 each, aggregating to INR 3,750 crores, and an offer for sale (OFS) of up to 18,52,86,265 equity shares for the existing shareholders, according to the Draft Red Herring Prospectus (DRHP) filed by Swiggy with the market regulator Securities and Exchange Board of India (SEBI). The fresh issue and the OFS component will bring the company's IPO to INR 10,414 crore.
Accel India, Apoletto Asia, Alpha Wave Ventures, and Elevation Capital are among the existing corporate shareholders selling shares along with a few individual shareholders.
Swiggy's losses increased 8 per cent to INR 611 crore in the first quarter of FY25, compared to INR 564 crore a year ago. The company reported a total revenue of INR 11,600 crore as FY24, which is a 30 per cent year-on-year increase. The company has also upped its expenses to INR 3,908 crore, up by 27 per cent from the INR 3073 crore spent during the same period of the previous year.
Revenue from operations stood at INR 3,222.2 crores as of June 30, 2024, with the company's total income being INR 3310 crores and total borrowings amounting to INR 256.61 crores according to the DRHP.
In January 2022, Swiggy raised its last funds at a valuation of US$ 10.7 billion. The company's global investors such as Invesco and Baron Capital have since marked up its fair value at around US$ 15 billion.
Founded in 2014, the Bengaluru-based food delivery platform has been competing against market leader Zomato with both platforms betting big in the rising quick-commerce sectors and quickly expanding to lower-tiered cities.
Kotak Mahindra Capital, Citigroup Global Markets India, Jefferies India, Avendus Capital, J.P. Morgan India, BofA Securities, and ICICI Securities have been revealed as the Book Running Lead Managers (BRLMs) of the issue.
