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Swiggy IPO: Firm receives shareholders' nod to increase primary issue size to ₹5,000 crore

Upstox
By Upstox News Desk

2 min read | Updated on October 03, 2024, 19:55 IST

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SUMMARY

Swiggy has created a provision for a larger IPO, and the size will be increased by ₹1,250 crore if the company requires additional funds. It must be noted here that only the size of the primary issue has been increased from ₹3,750 crore to ₹5,000 crore. The offer for sale (OFS) component remains unchanged at ₹6,664 crore.

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Founded in 2014, Swiggy is headquartered in Bangalore and operates in more than 580 cities

Founded in 2014, Swiggy is headquartered in Bangalore and operates in more than 580 cities

Swiggy IPO: Swiggy, as per news reports, has received shareholders' nod to increase the size of the primary issue of its IPO from ₹3,750 crore to ₹5,000 crore (if the company requires additional funds) at the extraordinary general meeting (EGM) held on October 3. 

Last week, the online food ordering and delivery company filed its updated draft papers with capital markets regulator SEBI to raise funds through its much anticipated initial public offering (IPO).

Swiggy has created a provision for a larger IPO, and the size will be increased by ₹1,250 crore if the company requires additional funds. It must be noted here that only the size of the primary issue has been increased from ₹3,750 crore to ₹5,000 crore. The offer for sale (OFS) component remains unchanged at ₹6,664 crore, Moneycontrol reported, citing sources. 

Those selling shares in the OFS are Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V BV, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings BV, Norwest Venture Partners VII-A Mauritius, and Tencent Cloud Europe BV.

The food delivery company posted ₹2,350 crore in net loss in the last fiscal year (FY24). However, the company reduced the net loss by 44% from ₹4,179 crore in FY23.

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The company saw its revenue grow 36% to ₹11,247 crore in FY24 from ₹8,265 crore in the previous year, as per a report by IANS. 

Founded in 2014, Swiggy is headquartered in Bangalore and operates in more than 580 cities. 

As per reports, several high-profile people have bought stakes in Swiggy in the run-up to its public issue. In August, The Economic Times reported that the family office of Bollywood superstar Amitabh Bachchan has picked up a small stake in Swiggy. Motilal Oswal Financial Services chairman Raamdeo Agrawal also acquired a stake in Swiggy, the report added. 

Recently, Modern Insulators announced that it had bought 1,38,800 shares, representing a 0.007% stake in Swiggy at ₹360 per share. The transaction value stands at ₹4.99 crore.

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Further, news reports said that actor Madhuri Dixit and Innov8 founder Ritesh Malik have also invested in Swiggy. The duo purchased shares worth ₹1.5 crore each from the secondary market.

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