Swiggy gets shareholders’ nod to float $1.25 Bn IPO

Foodtech decacorn Swiggy is inching closer towards its public listing as the Bengaluru-based firm received shareholders’ nod to float its $1.25 billion IPO.

The board at Swiggy has passed a special resolution to raise up to Rs 3,750 crore ($450 million) via fresh issue of equity of shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore ($800 million), its regulatory filing accessed from the Registrar of Companies show.

ET reported the development first.

As per filings, Sri Harsha Majety has been appointed as the executive director of the company for three years effective from 1st April 2024 and his remuneration for FY25 and FY26 will be Rs 2.5 crore and Rs 3 crore respectively.

The board at Swiggy also appointed Rahul Bothra as the chief financial officer (CFO) and M. Sridhar as the company's secretary and compliance officer, the filing further stated.

This comes soon after Swiggy’s conversion into a public entity and its financial numbers for the three quarters of FY24. Entrackr had exclusively reported  about both developments.

Meanwhile, wealth managers of Swiggy have been pitching a pre-IPO deal to high net-worth individuals (HNIs) to buy its shares at a 20% discount. The company was recently valued at $12.7 billion according to its early backer Invesco. It’s worth noting that Swiggy witnessed back to back markups in its fair market value by its investors.

Swiggy’s revenue stood at Rs 8,265 crore in FY23 whereas its losses soared to Rs 4,179 crore. Further, the firm booked Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24.

Earlier this week, co-working solutions provider Awfis and travel tech firm TBO received final nod from securities and exchange board of India (SEBI) to launch their IPO. FirstCry, Ola Electric, MobiKwik and Unicommerce are waiting for the approval from the market regulator after filing their DRHPs.