Swiggy has gained approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), which is slated for launch in November. The food delivery service had submitted its offer documents in April 2023 using the confidential pre-filing method, keeping details under wraps until the public offering is ready.
Reports indicate that Swiggy plans to raise ₹11,000 crore through the IPO, with a fresh issue accounting for ₹5,000 crore. As of August 2023, the company holds a valuation of $9.3 billion and is backed by prominent investors, including Prosus, SoftBank, and Accel.
Before the IPO goes live, Swiggy must present its updated draft red herring prospectus (UDRHP) for a public comment period lasting 21 days. This process allows potential investors and stakeholders to review the information and provide feedback before the company finalizes its offering.
By taking this step, Swiggy will become the second food delivery platform to be listed on Indian stock exchanges, following Zomato. The confidential filing route, introduced in 2022, has also been employed by companies such as Oyo and Tata Play, which have yet to complete their own IPO processes.