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Swiggy to file draft red herring prospectus (DRHP) this weekend for its IPO.
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The company aims to raise $1.4 billion, upsized from initial $1.25 billion plan.
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Swiggy’s valuation expected to be around $10-13 billion.
Food delivery startup Swiggy is likely to file its draft red herring prospectus (DRHP) this weekend, paving the way for its highly anticipated initial public offering (IPO). The company has received approval from market regulator Sebi for its confidential filing and plans to raise $1.4 billion.
Swiggy’s IPO size has been upsized from the initial $1.25 billion plan, with a fresh issue of Rs 5,000 crore (around $600 million) and an offer-for-sale (OFS) component of up to Rs 6,664 crore (around $800 million). The company’s valuation is expected to be around $10-13 billion, with key investors including Prosus, SoftBank, and Accel.
Swiggy’s IPO comes amid intensifying competition in the online grocery delivery space, where its platform Instamart competes with Zomato-owned Blinkit, Zepto, and Tata-owned BigBasket. The company’s food delivery market share, estimated to grow to Rs 2 lakh crore by 2030, is a duopoly with Zomato.
