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  5. Swiggy IPO: Modern Insulators, Madhuri Dixit pick up stake in food aggregator; check details

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Swiggy IPO: Modern Insulators, Madhuri Dixit pick up stake in food aggregator; check details

Upstox
By Upstox News Desk

2 min read | Updated on September 19, 2024, 14:42 IST

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SUMMARY

Swiggy is considering filing its IPO publicly this week and is looking to raise over $1 billion, as per media reports.

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Swiggy is a online food ordering and delivery company.

Swiggy IPO: As Swiggy gears up for an initial public offering (IPO), BSE-listed porcelain insulator manufacturer Modern Insulators and actor Madhuri Dixit have acquired a stake in the food aggregator.
Swiggy is considering filing its IPO publicly this week and is looking to raise over $1 billion, as per media reports.

Modern Insulators buys Swiggy shares

In a regulatory filing, Modern Insulators announced that it has brought 1,38,800 shares, representig 0.007% stake in Swiggy at ₹360 per share. The transaction value stands at ₹4.99 crore.

The company, which has a market valuation of ₹710 crore, has brought the equity as a "long-term investment". Besides investment, Modern Insulators' promoters do not have any interest in Swiggy Ltd, the exchange filing said.

In the financial year 2023-24, Modern Insulators reported a 2.86% jump in its standalone revenue from operations to ₹443.2 crore as against ₹430.9 crore a year back. The net profit stood at ₹36.4 crore, up 28% from ₹28.47 crore in the year-ago period.

Also Read: Swiggy launches Incognito Mode for private ordering of food

Madhuri Dixit picks stake in Swiggy

Actor Madhuri Dixit and Innov8 founder Ritesh Malik have invested in Swiggy, according to a report by Moneycontrol. The duo purchased shares worth ₹1.5 crore each from the secondary market.

A secondary transaction is when an existing investor directly sells their shares to an incoming investor without involving the company.

The actor reportedly paid ₹345 per share, the report said, quoting people privy to the development.

To learn more about IPO listings, schedules, and upcoming IPOs, click here.
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