SWIGGY IPO NEWS: FOOD DELIVERY MAJOR GETS SHAREHOLDERS NOD - CHECK VALUATION
Swiggy IPO News: Swiggy has received approval from shareholders for a $1.25-billion initial public offering (IPO), as per regulatory filings with the registrar of companies (RoC).
Swiggy IPO Valuation
Through the issue, the company plans to raise up to Rs 3,750 crore (around $450 million) through a fresh issue and Rs 6,664 crore (around $800 million) as an offer-for-sale (OFS) component.“...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 Rs 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 Rs 66,640 million by certain existing shareholders…,” the filing read.
The company has been preparing for the IPO since last year. It was earlier reported that the company plans to raise around Rs 750 crore from anchor investors ahead of its IPO.
Swiggy IPO Date
Swiggy’s IPO is likely to open for subscription sometime this year, several reports have claimed.Swiggy’s IPO is part of a set of new-age startups which are lining up to go public this year including the likes of omnichannel retailer Firstcry, Ola Electric, and Awfis, among others.
Swiggy Shareholding Pattern
Dutch-listed Prosus is the largest investor in Swiggy with a 33% stake in the company followed by SoftBank. Other shareholders include Accel, Elevation Capital, Meituan, Norwest Venture Partners, Tencent, DST Global, Qatar Investment Authority, Coatue, Alpha Wave Global, Invesco, Hillhouse Capital Group and GIC.The company’s cofounders Sriharsha Majety, Nandan Reddy and Rahul Jaimini hold 4%, 1.6% and 1.2% stake, respectively, as per data platform Tracxn. Jaimini left his operational role in 2020 to join another venture–Pesto Tech.
Swiggy FY23 Results
During the fiscal year ended March 2023, Swiggy reported revenue from operations of Rs 8,265 crore, a 45% jump from FY22, while its net loss also increased 15% to Rs 4,179 crore.ET reported on April 9 that Invesco, which had led Swiggy’s $700 million round in January 2022, marked up the valuation of the company to $12.7 billion. Baron Capital – another Swiggy investor – had also increased the company’s fair value in its books to $12.1 billion last month.
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