Swiggy IPO: food and grocery delivery firm Swiggy has been granted authorization by capital markets regulator Sebi to launch its much-anticipated initial public offering (IPO), according to sources. Swiggy filed its offer papers on April 30th through a confidential pre-filing route, withholding specifics for the time being.

Under the confidential submission process, Swiggy will submit two updated draft prospectuses after SEBI approval -- one addressing the regulator's viewpoints and the other for public comment within 21 days. Only after that, the final prospectus will be filed, and the company may begin the roadshow for the IPO, according to sources.

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In April, Swiggy, which was established in 2014, was valued at around US$13 billion. As of March 31, 2023, the company had an annual revenue of US$1.09 billion and employs more than 4,700 people, according to global startup data platform Tracxn. In April, sources formerly disclosed that Swiggy had gotten shareholder approval for an IPO to raise Rs 10,414 crore through the issuance of fresh equity shares and an offer-for-sale (OFS). They said a special resolution was passed at an extraordinary general meeting of Swiggy on April 23rd.

According to sources, the Bengaluru-based company plans to raise Rs 3,750 crore via fresh equity shares, in addition to an OFS element of up to Rs 6,664 crore.

The company is aiming to raise roughly Rs 750 crore from anchor investors in the pre-IPO round, they added. Swiggy announced the debut of a new initiative, "Project Next," last week, which aims to accelerate restaurant onboarding while giving career development prospects for its delivery partners.

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