Swiggy is expected to have shortlisted seven investment banks as consultants. The move comes as the Softbank-backed food delivery behemoth prepares to make one of the most eagerly awaited initial public offerings (IPOs) in 2024, multiple industry insiders with knowledge of the subject informed Moneycontrol.
"Kotak Mahindra Capital, Citi and JP Morgan are likely to have been picked for senior roles for the deal," one of the persons told Moneycontrol.
According to a second source, the final IPO syndicate may also include Jefferies, ICICI Securities, Avendus Capital, and Bofa Securities.
The suggested list of seven i-bankers was also shared with Moneycontrol by three other people.
Moneycontrol revealed on September 12 that advisors were given pitches by Swiggy and PayU for their respective domestic listings.
The report on September 12 stated that the estimated size of the Swiggy IPO could be around $1 billion.
"A confidential filing of the DRHP (draft red herring prospectus) is targeted for March 2024. If all goes well and market conditions are favourable, the IPO is likely to be launched in July-August," as per the report by Moneycontrol.
Undoubtedly, the Swiggy initial public offering (IPO) is still in its early stages, and no decision has been made on the scope or date of the launch.
Additionally, in November 2022, SEBI introduced the idea of confidential filings. This pre-filing technique, which is popular in US marketplaces, permits the issuer company to withhold its offer document until it solidifies its IPO plan. The first company to submit secret documents to SEBI for an IPO is the direct-to-home platform Tata Play (previously Tata Sky).
At a valuation of $10.7 billion, Swiggy raised $700 million in its most recent fund raising, which was reported in January 2022.