Swiggy has filed a draft red herring prospectus for an initial public offering (IPO) with the Securities and Exchange Board of India under the confidential filing route.
The filing was made just a day after the food & grocery delivery start-up secured shareholders’ approval to raise ₹10,414 crore through an IPO that would involve the issue of fresh equity shares and an offer for sale.
Swiggy shareholders cleared a special resolution at an extraordinary general meeting held on April 23.
The company intends to raise around ₹3,750 crore through the issue of fresh shares. There will also be an offer for sale of shares held by existing shareholders of up to ₹6,664 crore. The company is also looking to mobilise around ₹750 crore from anchor investors in a pre-IPO round.
Draft documents filed under the confidentiality pre-filing route are not placed in the public domain. So far, two firms — Oravel Stays, which operates hospitality chain Oyo, and Tata Play — had filed DRHP under this route.
In a regular filing, companies have a timeframe of up to 12 months from the date of Sebi’s observation to launch IPOs. However, under the confidential filing mechanism, they get 18 months to float the issue.
