NEW DELHI: Swiggy on Thursday submitted its revised draft papers to market regulator Sebi for its extremely anticipated preliminary public providing (IPO), which features a recent challenge of fairness shares amounting to Rs 3,750 crore and an offer-for-sale (OFS) of 18.52 crore fairness shares by current shareholders, as talked about within the up to date draft purple herring prospectus (UDRHP).
Industry sources estimate that the meals and grocery platform’s IPO dimension will exceed Rs 10,000 crore with the offer-for-sale part reaching up to Rs 6,664 crore.
The current shareholders taking part within the OFS embrace Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V BV, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings BV, Norwest Venture Partners VII-A Mauritius, and Tencent Cloud Europe BV.
Additionally, the Bengaluru-based firm is exploring the opportunity of elevating funds by a pre-IPO spherical. If profitable, the dimensions of the recent challenge can be adjusted accordingly.
According to the IPO paperwork, Rs 137.41 crore from the recent challenge can be utilized to repay the debt of Swiggy’s subsidiary, Scootsy.
Furthermore, Swiggy will make investments Rs 982.40 crore in Scootsy to develop the Dark Store community within the fast commerce phase, Out of which Rs 559.10 crore can be allotted for establishing Dark Stores and Rs 423.30 crore for lease or license funds.
The firm additionally plans to allocate Rs 586.20 crore for know-how and cloud infrastructure enhancements, Rs 929.50 crore for model advertising and enterprise promotion initiatives, and extra funds for inorganic progress alternatives and basic company functions.
The up to date draft submitting follows the approval of Swiggy’s confidential supply doc by the market regulator earlier this week which it submitted on April 30 by the confidential pre-filing route.
Under the confidential submitting course of, Sebi evaluations the confidential DRHP and offers suggestions. Later, the corporate is required to file an replace to the confidential DRHP (UDRHP-I), incorporating the regulator’s feedback which is then made out there for public feedback for a interval of 21 days.
Lastly, after addressing the adjustments ensuing from public feedback, the corporate is required to replace the DRHP-II (UDRHP-II).
Established in 2014, Swiggy’s valuation reached practically $13 billion in April, in accordance to Tracxn, a world startup information platform. The firm’s annual income amounted to $1.09 billion as of March 31, 2023, and it at present employs greater than 4,700 people.
