Swiggy, India’s leading food delivery platform, has received approval from its shareholders for an initial public offering (IPO) worth $1.2 billion, as per regulatory filings with the Registrar of Companies (RoC). The IPO comprises a ₹3,750 crore ($450 million) fresh issue, where the company will issue new shares to raise capital, and a ₹6,664 crore ($800 million) offer-for-sale (OFS) component, where existing shareholders will sell their shares to the public.
Through the IPO, Swiggy aims to raise funds for various purposes, including expanding its operations, investing in technology and infrastructure, and strengthening its market position. The company has been preparing for its IPO since last year and is expected to open for subscription sometime in 2023.
In terms of financials, Swiggy recorded a $207 million loss for the nine months to December 2023, with a revenue of $1.02 billion during the same period. In fiscal year 2022-23, the company’s revenue stood at $1.05 billion.
Swiggy’s IPO is highly anticipated by investors and is expected to generate significant interest. The company’s strong brand recognition, market dominance, and growth potential are key factors that are likely to attract investors.
Overall, Swiggy’s IPO is a significant milestone for the company and will provide it with the necessary capital to continue its growth trajectory and consolidate its position as India’s leading food delivery platform.
