Food tech giant Swiggy has received the approval from shareholders for a $1.2-billion initial public offering (IPO), according to regulatory filings with the registrar of companies (RoC).
The Bengaluru-based company plans to raise up to Rs 3,750 crore (around $450 million) through a fresh issue and up to Rs 6,664 crore (around $800 million) as an offer-for-sale (OFS) component, according to a report in moneycontrol.
Swiggy, which is yet to file its IPO documents with the Securities and Exchange Board of India (SEBI), is looking to shore up about Rs 750 crore from anchor investors in a pre-IPO round.
Swiggy’s IPO is part of a set of new-age startups which are lining up to go public this year including the likes of omnichannel retailer Firstcry, Ola Electric, and Awfis, among others.
“…the consent and approval of the shareholders of the company be and is hereby according to create, issue, offer, allot and/or transfer of its equity shares up to an aggregate of Rs 37,501 million by way of a fresh issue of equity shares and an offer for sale of such number of equity shares up to an aggregate amount of Rs 66,640 million by certain existing shareholders…,” the filing read.
The special resolution was passed at an extraordinary general meeting (EGM) of Swiggy’s shareholders on April 23.
According to a Economic Times report, Dutch-listed Prosus is the largest investor in Swiggy with a 33 percent stake in the company followed by SoftBank. Other shareholders include Accel, Elevation Capital, Meituan, Norwest Venture Partners, Tencent, DST Global, Qatar Investment Authority, Coatue, Alpha Wave Global, Invesco, Hillhouse Capital Group and GIC. The company’s cofounders Sriharsha Majety, Nandan Reddy and Rahul Jaimini hold 4 percent, 1.6 percent and 1.2 percent stake, respectively. Jaimini left his operational role in 2020.
