Swiggy IPO gets shareholders’ nod for $1.2-billion offering; here’s what we know so far

Food delivery major Swiggy has secured approval from its shareholders for its $1.2-billion (approximately ₹10,414-crore) initial public offering (IPO), according to reports.

Citing Swiggy’s regulatory filing with the Registrar of Companies (RoC), Economic Times reported that a special resolution was passed at the company’s extraordinary general meeting (EGM) on April 23, granting shareholder consent to the IPO.

“The consent and approval of the shareholders of the company be and is hereby according to create, issue, offer, allot and/or transfer of its equity shares up to an aggregate of ₹37,501 million by way of a fresh issue of equity shares and an offer for sale of such number of equity shares up to an aggregate amount of ₹66,640 million by certain existing shareholders,” the filing mentioned as reported by ET.

Swiggy has been under the radar of the investors and market experts over the recent developments regarding the launch of IPO, which is expected to be rolled out by the end of this year.

Here’s a look at all the key developments as the food delivery major gears up to launch its public issue worth $1.2 billion.

Swiggy IPO issue size

As per the RoC filing on shareholders’ nod to the public issue the IPO is likely to be a mix of fresh issuance of shares worth ₹3,750 crore and an offer-for-sale (OFS) of shares worth ₹6,664 crore.

The ET report also stated that Swiggy was also looking to raise ₹750 crore from anchor investors in a pre-IPO round.

Swiggy became a public limited company earlier this month

Swiggy was in the news earlier this month after it converted itself into a public limited company from a private limited firm. This was seen as a step forward for the launch of the IPO.

According to reports, the company’s holding name was changed from Swiggy Pvt. Ltd to Swiggy Ltd in the documents submitted by the firm with the RoC.

Earlier in February 2024, Swiggy had changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd. The company had said that the name was being changed “to help establish greater proximity and identification of the company’s corporate name with the company’s core brand”.

Swiggy IPO launch date and price band

The Bengaluru-headquartered company has not submitted the Draft Red Herring Prospectus with the market regulator Securities and Exchange Board of India (SEBI) for its IPO.

However, the maiden public issue is expected to be launched by the end of this year, according to reports.

Meanwhile, a Moneycontrol report claimed that Swiggy has filed confidential papers with SEBI. Unlike the DRHP, when a company makes a confidential filing the details are not released to the public. In a confidential filing the IPO documents are valid for 18 months from the date of SEBI’s observations on the draft prospectus, the report added.

The Swiggy IPO price band will be known after the food tech firm makes the draft prospectus public.

Swiggy Financials

Swiggy had recently reported a $207-million loss for the nine-month period ended December 2023 on a revenue of $1.02 billion. Before that, the company had posted a net loss of $501 million for full fiscal 2022-23 on operating revenue of $992 million.

To know more about IPOs listing, schedule and upcoming IPOs, click here