Swiggy Receives Shareholder Approval for $1.2 Billion IPO
Swiggy, the food delivery giant based in Bengaluru, India, has received approval from its shareholders for a $1.2 billion initial public offering (IPO). This move paves the way for the company to go public and raise capital through the sale of its shares.
The IPO will consist of a fresh issue of shares worth up to Rs 3,750 crore (around $450 million) and an offer-for-sale (OFS) component worth up to Rs 6,664 crore (around $800 million). Swiggy is also looking to raise about Rs 750 crore from anchor investors in a pre-IPO round before filing its IPO documents with the Securities and Exchange Board of India (SEBI).
Swiggy's IPO is part of a wave of new-age startups going public in India this year. Other companies planning to list their shares include omnichannel retailer Firstcry, electric vehicle manufacturer Ola Electric, and co-working space provider Awfis.
The company's largest investor is Dutch-listed Prosus, which holds a 33% stake. Other major shareholders include SoftBank, Accel, Elevation Capital, Meituan, Norwest Venture Partners, Tencent, DST Global, Qatar Investment Authority, Coatue, Alpha Wave Global, Invesco, Hillhouse Capital Group, and GIC. Swiggy's co-founders, Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, hold 4%, 1.6%, and 1.2% stakes, respectively.