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

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

SUMMARY

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

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.

Swiggy converts into public limited company ahead of IPO launch

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

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