Food delivery platform Swiggy has taken a significant step towards its initial public offering (IPO), filing an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The company is seeking to raise a fresh issue of Rs 3,750 crore and will also offer 18.53 crore shares for sale. Based on recent share prices, the offer for sale component could fetch around Rs 6,500 crore.
Investors such as Accel, Coatue, Alpha Wave, Elevation, Norwest, and Tencent are expected to sell their shares in the company. This move is seen as a way to make room for new investors who are optimistic about Swiggy's long-term growth potential. The decision also reflects a desire to diversify away from Zomato, another major player in the Indian food delivery market.