Swiggy, India’s leading online food delivery and quick commerce platform, has officially filed draft papers with SEBI for a monumental Rs 10,000 crore Initial Public Offering (IPO). The listing marks one of the largest IPOs for a new-age company, positioning Swiggy to challenge its rival, Zomato, in the public markets.
The IPO comprises a fresh issue of equity shares worth Rs 3,750 crore, along with an Offer for Sale (OFS) of 18.52 crore shares by existing stakeholders. Major investors, including Prosus, Accel, and Tencent, are expected to partially divest their holdings, with Prosus alone offloading $500 million worth of shares. However, SoftBank will retain its stake in the company.
A significant portion of the raised funds will be allocated towards expanding Swiggy’s Instamart division, with Rs 982.4 crore earmarked for setting up dark stores to bolster its quick commerce operations.
Swiggy’s IPO, slated for November 2024, follows its recent success in reporting a 34% rise in revenue in Q1 FY25, despite facing increased competition in the quick commerce sector. The IPO is expected to value the company at $15 billion, solidifying its place as one of India’s top tech players.
With this offering, Swiggy aims to strengthen its foothold in India’s growing food delivery and quick commerce markets.
