It has been learnt that homegrown food-delivery platform Swiggy is expediting IPO plans, may file its draft red herring prospectus (DRHP) with the capital markets regulator Sebi to launch its initial public offering (IPO) by this week.
According to the ongoing reports, the Bengaluru-based Swiggy is likely to raise more than $1 billion from its IPO.
The diversified food biz startup is waiting to get approval from India’s Securities and Exchange Board of India (Sebi) to proceed with the IPO filing.
However, the company may change the issue size, which is still under the discussion.
Swiggy, which competes with its arch rival Zomato in food delivery and quick commerce business, was founded in 2014, and may seek a valuation around $15 billion.
It had received shareholder approval in April to launch an IPO.
Swiggy reported ₹5,476 crore in revenue from operations and a ₹1,600 crore loss during the first three quarters of the financial year FY24.
Swiggy’s nearest peer Zomato is valued around $27-28 billion at current valuations. However, Swiggy’s food delivery business is profitable but grocery delivery Instamart business is still loss making.
More listings are expected in coming months. Hyundai Motor Co. is planning to sell shares in its local Indian unit this year, which is expected to be the biggest-ever listing in India.
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