Swiggy, a leading food and grocery delivery platform backed by Prosus and SoftBank, has received approval from the Securities and Exchange Board of India (SEBI) following its confidential draft filing for an initial public offering (IPO), Accoding to a news report by Moneycontrol. The highly anticipated IPO will see Swiggy join its competitor Zomato on the stock exchange.
As part of the confidential filing process, Swiggy will file two updated Draft Red Herring Prospectuses (DRHPs): one addressing SEBI’s comments and the other open for public feedback over a 21-day period. Once these steps are complete, Swiggy will submit the final Red Herring Prospectus (RHP) and plan its IPO launch.
According to insiders, while no final decision has been made, Swiggy’s IPO could potentially launch in November. Discussions with anchor investors are set to begin soon. Swiggy has not yet provided an official comment on the matter.
SEBI introduced confidential filings in November 2022, allowing companies to keep their offer documents private until they finalize their IPO plans. Swiggy recently increased the size of its planned IPO to $1.4 billion amid growing competition in the online grocery delivery market, where its Instamart platform competes with rivals like Blinkit, Zepto, and BigBasket.
Key investors in Swiggy include Prosus (32%), SoftBank (8%), Accel (6%), as well as Elevation Capital, DST Global, Tencent, and the Qatar Investment Authority (QIA), among others.
