Swiggy IPO: $1.2-billion planned public issue gets shareholders’ nod. Key details here

Swiggy IPO Latest News: Food delivery company Swiggy has received a go-ahead from its shareholders to come up with a $1.2-billion (over ₹10,414 crore) initial public offering (IPO), as per the regulatory filing with the Registrar of Companies (RoC).

Swiggy, which is yet to file IPO papers with the Securities and Exchange Board of India (SEBI), intends to raise ₹3,750 crore ($450 million) through fresh issuance of equity shares and ₹6,664 crore ($800 million) via an offer-for-sale (OFS) component, the filing said, adding that the resolution was passed at Swiggy's extraordinary general meeting on April 23.

"...the consent and approval of the shareholders of the company be and is hereby accorded to create, issue, offer, allot and/or transfer of its equity shares up to an aggregate of ₹37,501 million by the way of a fresh issue of equity shares up to an aggregate amount of ₹66,640 million by certain existing shareholders (OFS)...," the filing read.

Prosus, which is the listed company in the Netherlands, is the biggest investor in Swiggy, with a 33% stake. It is followed by investment holding company SoftBank. Other investors include Accel, Meituan, Elevation Capital, Norwest Venture Partners, DST Global, Tencent, Qatar Investment Authority, Alpha Wave Global, Invesco, Hillhouse Capital Group, Coatue, and GIC.

Also read: Swiggy to integrate Instamart with online retail platform Mall ahead of IPO

Earlier this month, Swiggy had converted to a public limited company, changing its name from Swiggy Pvt Ltd to Swiggy Ltd. In February 2024, Bundl Technologies Pvt Ltd had changed its name to Swiggy Pvt Ltd.

Swiggy IPO date and price band

The Swiggy IPO launch date and price band will be known after the food tech firm files the DRHP with market regulator SEBI. According to media reports, Swiggy's IPO is expected to be launched later this year.

The company had reported an operating revenue of $992 million and $510 million in losses in FY2023.

Its revenue touched $1.02 billion in the nine months ending December 2023, while losses stood at $207 million during the same period.