Swiggy IPO: Swiggy expands its IPO, plans to raise Rs 5,000 crore through fresh issue of shares

Antics may increase the fresh issue component of its upcoming IPO to Rs 5,000 crore, and will seek shareholder approval for the same at an extraordinary general meeting (EGM) on October 3, it said in a notice to shareholders.

The Bengaluru-based food and grocery delivery company had initially planned to raise 3.75 billion rupees in fresh capital, in addition to an offer for sale of Rs 6,664 crore. The final size of Swiggy’s IPO could be different from the approval it seeks from its shareholders.

Swiggy has filed a confidential statement of its draft prospectus for its IPO with the Securities and Exchange Board of India (Sebi).

The company’s board of directors had first approved the public offering in April.Tuesday’s development was first reported by online news portal Entrackr.

Last week, Swiggy reported its financial statements for the year ended March 31, 2024. registered a 36% growth in its operating income to Rs 11,247 crore, while managing to reduce its net loss to Rs 2,350 crore, down 44% from a year ago.

In its core food delivery business, Swiggy competes with Gurgaon ZomatoWhile in the fast-paced commerce space, its Instamart vertical competes with the likes of Zomato-owned Blinkit, Nexus Venture Partners-backed Zepto, Flipkart Minutes and Tata Digital’s BigBasket.

Apart from the IPO, several secondary transactions have been taking place, where new investors are joining Swiggy’s cap table before the company goes public.

On August 28, ET was the first to report that the family office of Bollywood superstar Amitabh Bachchan has acquired a small stake in Swiggy through the purchase of shares held by the company’s employees and early investors.

Motilal Oswal Financial Services Chairman Raamdeo Agrawal has also acquired a stake in Swiggy, in addition to the auto materials maker. Hindustan Compounds.