Mumbai: Food delivery platform operator Swiggy is likely to launch its IPO in November 2024, after the company’s confidential filing is likely to have received markets regulator SEBI’s nod, according to people familiar with the matter.
Swiggy is required to file to draft red herring prospectuses (DRHPs) after receiving SEBI’s green signal for the public issue, One DRHP will respond to SEBi;s comments on the filing while the second one will seek public comments for 21 days, said one of the people familiar with the matter,
Swiggy is expected to begin discussions with anchor investors and may launch its IPO in November. However, a definitive timeline has not been established, Moneycontrol reported citing a second person familiar with the matter. Swiggy could not be reached for comment, Moneycontrol reported.
Swiggy raised its IPO size to $1.4 billion. The company competes directly with Zomato in the food delivery space as well as the quick commerce delivery space. Swiggy InstaMart is directly promoted against Zomato’s quick commerce offering Blinkit. Othe players in this category include Zepto and Tata Digital-backed BigBasket.
Swiggy is backed by the following investors:
Company
Stake
Prosus
32%
SoftBank
8%
Accel
6%
Swiggy’s investors also include Elevation Capital, DST Global, Norwest, and Tencent among others. Swiggy also garnered investments from actor Amitabh Bachchan’s family office and Motilal Oswal founder Raamdeo Agrawal ahead of its IPO.
What are confidential filings?
Confidential filings are an American concept which was introduced by markets regulator SEBI in 2022. This provision allows companies to file for an IPO while keeping their pre-IPO papers confidential. The first company to file IPO papers under this provision was Tata Play, known as Tata Skey earlier. The company eventually shelved its IPO plans.
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Swiggy IPO Update: The food delivery aggregator may launch its IPO in November 2024. Here’s all you need to know about the IPO. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
