Delhi Delhi. Swiggy filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on September 26. The draft includes a fresh issue component of Rs 3,750 crore and an offer for sale (OFS) of approximately 18.53 crore shares. With the current share price around Rs 350, the OFS is expected to raise around Rs 6,500 crore.
Investors including Accel, Coatue, Alpha Wave, Elevation, Norwest, and Tencent plan to sell shares to reduce their stake in Swiggy. The move is aimed at attracting new investors as the company looks to leverage its growth potential and diversify away from Zomato. Earlier this week, Moneycontrol had reported on SEBI approving Swiggy's confidential DRHP.
India's food delivery market is projected to grow to Rs 2 lakh crore by 2030, with Swiggy and Zomato controlling more than 90 percent of the sector. While Zomato went public in 2021, Swiggy is expected to enter the market in the coming months.
Swiggy's major shareholders include Prosus (32 percent), SoftBank (8 percent), and Accel (6 percent) along with other investors such as Elevation Capital, DST Global, Norwest, Tencent, Qatar Investment Authority (QIA), and Singapore's GIC. Are included. The company was valued at $10.7 billion during its last funding round in January 2022 and analysts believe it could list with a valuation between $10 billion and $13 billion. Preparations for Swiggy's IPO started in November 2023.
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