Swiggy's IPO Gets Green Light From SEBI; Likely To Launch in November

Food delivery platform Swiggy has been granted approval by market regulator Securities and Exchange Board of India (SEBI) following its private submission of draft share sale documents. As per the sources, Swiggy may launch its IPO in November.

With its IPO, Bengaluru-based Swiggy is probably going to raise above $1 billion. Swiggy's IPO was approved by shareholders in April, and the company may aim to raise $15 billion.

Supported by significant investors such as Prosus, SoftBank, and Accel, and with a valuation of $9.3 billion as of August 2023, the firm filed its offer document on April 30 of this year under the confidential pre-filing process, which means that specifics are currently being withheld. Swiggy plans to raise Rs 11,000 crore through a new offering valued at Rs 5,000 crore.

Swiggy is required to make its updated draft red herring prospectus (UDRHP) available to the public for at least 21 days prior to the IPO's release. The public may give comments on the offer document during this period, following which the company may move on with its IPO.

 If everything goes according to plan, Swiggy will follow Zomato—which is currently valued at Rs 2.6 trillion and has seen its share price rise 2.3 times this year alone—as the second food delivery company to list on stock exchanges.