The company’s draft prospectus said existing shareholders will sell approximately 18.5 crore shares.
Food delivery and quick commerce giant Swiggy is targeting a $10 billion or 83,365 crore valuation with a ₹ 10,000-crore initial public offering (IPO). Out of this, the company seeks to raise ₹ 3,750 crore from fresh issues.
On Wednesday, it came to light that Swiggy had received clearance for the IPO from markets regulator SEBI and the company said on Thursday that it aims to raise ₹ 3,750 crore through fresh issues.
In its updated draft red herring prospectus, the Bengaluru-based company has said existing shareholders, including Tencent Europe and Accel India, will sell approximately 18.5 crore shares as part of an offer of sale (OFS). With the OFS, the IPO size will reportedly be over ₹ 10,000 crore.
Founded in 2014, Swiggy, which is backed by Japan’s Softbank and investment group Prosus, had a valuation of nearly $ 13 billion in April this year and has over 4,700 employees.
According to news agency Reuters, Swiggy’s listing comes amid a booming IPO market, with 198 companies having raised $7.1 billion in the year up to September 4, which is more than double the amount in the same period last year.
