Swiggy gets shareholder nod to use provision to upsize IPO fresh issue
SoftBank-backed Indian food delivery company Swiggy received shareholders’ approval to use a provision that will allow it to increase the size of fresh issue in its IPO to Rs 5,000 crore ($595 million) from Rs 3,750 crore, people aware of the matter told Reuters on Thursday.
India’s red-hot IPO market has already seen around 250 companies raise over $9 billion so far this year, more than double the amount raised in the same period last year, as per LSEG data.
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Swiggy’s existing shareholders will sell shares worth Rs 6,664 crore, which remains unchanged.
With the increase of the fresh issue, its initial public offering size will increase to $1.4 billion from $1.25 billion.
Swiggy’s original IPO size eked out NTPC Green Energy’s $1.2 billion public offering filing to be the largest in the country this year.
Swiggy did not immediately respond to a Reuters request for comment.
The Bengaluru-based company had filed its draft papers for the IPO last week, reported by Reuters to be targeting a valuation of $15 billion.
Among its investment plans is the expansion of its quick-commerce business called ‘Instamart’, where rivals including Zomato and Zepto race to delivery everything from groceries to higher-margin electronics in 10 minutes.
Swiggy also competes with Zomato in the food delivery space.
First Published: Oct 03 2024 | 9:16 PM IST