Swiggy Files Updated IPO to Raise ₹11,600 Crore

27 Sep 2024 , 05:33 PM

On September 26, 2024, Swiggy submitted updated draft papers to the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). This move follows its previous confidential filing and has generated significant interest.

As per the updated draft red herring prospectus (UDRHP), the IPO will consist of an offer-for-sale (OFS) of 18.52 crore equity shares from existing shareholders, along with a fresh issue of equity shares amounting to ₹3,750 crore. There is also a possibility that the company may increase the fresh issue component to ₹11,600 crore, a decision expected to be made during an Extraordinary General Meeting (EGM) scheduled for early October.

Several prominent investors are involved in the sale of equity shares. Accel India IV (Mauritius) Limited is set to offload up to 10,572,706 equity shares at a weighted average acquisition cost of ₹11.17 per share. Apoletto Asia Ltd. plans to sell 1,696,504 shares at ₹13.98 per share, while Alpha Wave Ventures, LP will sell 5,573,473 shares at ₹178.90 per share. Additionally, Coatue PE Asia XI LLC will sell 3,885,413 shares, and Elevation Capital V Limited plans to sell 7,396,253 shares at ₹11.44 per share. Inspired Elite Investments Limited, MIH India Food Holdings B.V., Norwest Venture Partners VIIA-Mauritius, and Tencent Cloud Europe B.V. are also participating in the OFS.

Swiggy reported a substantial reduction in its net loss for the fiscal year 2024, which stood at ₹2,350 crore, down by 44% from ₹4,179 crore in the previous year. The company’s revenue increased by 36%, reaching ₹11,247 crore in FY24 compared to ₹8,265 crore in FY23.

Swiggy’s gross order value (GOV) saw a year-over-year growth of 26%, amounting to USD 4.2 billion, with an average of 14.3 million users transacting on the platform each month. This robust performance indicates Swiggy’s ongoing momentum in India’s food delivery sector, making its IPO a highly anticipated event in the financial markets.