Swiggy Passes Resolution For Potential Rs 10,400-Crore IPO
In the run up to its IPO, the company also converted from a private entity to a public limited company.
Swiggy shareholders have passed a resolution internally for an initial public offering, making known a broad structure for what can be an issue of over Rs 10,000 crore. According to filings made with the Registrar of Companies and accessed via TheKredible, shareholders of the food delivery major gave their nod for a potential Rs 10,414-crore IPO.
The Instamart operator plans to raise up to Rs 6,664 crore via the offer-for-sale route and Rs 3,750 crore via a fresh issue of shares. Swiggy can also raise up to Rs 750 crore in a pre-IPO anchor round. The resolution was passed at an extraordinary general meeting on April 23.
In the run up to its IPO, the company also converted from a private entity to a public limited company. The company's name has changed from Swiggy Pvt. to Swiggy Public Ltd., according to documents filed with the Ministry of Corporate Affairs. It was previously known as Bundl Technologies Pvt. as well.
Swiggy has also beefed up corporate governance structures, appointing Titan Co.'s Suparna Mitra, EPL Ltd. Chief Executive Officer Anand Kripalu, veteran accountant Shailesh Haribhakti and Delhivery CEO Sahil Barua to its board ahead of the offering.
The Bengaluru-based decacorn is looking to file the draft red herring prospectus for its IPO with the Securities and Exchange Board of India by April, NDTV Profit had reported earlier. However, it is yet to file documents with the market regulator.
Meanwhile, Swiggy has expanded its quick-commerce slate as well, integrating its online retail platform, Swiggy Mall, with its quick-commerce arm, Instamart.