Food delivery giant Swiggy has filed for initial public offering (IPO) papers with the Securities and Exchange Board of India (SEBI) confidentially, as per a report by Moneycontrol.
When a company files for a confidential IPO, they don’t have to make their details public under the draft red herring prospectus (DRHP). Normally, when a company files for a draft red herring prospectus (DRHP), details of the same are made public. In a regular filing, the approval by SEBI is valid for twelve months after the SRBI gives its final observations. However, in a confidential filing, the approval is valid for 18 months (from the date of the observation of SEBI). Swiggy has now become the second-largest new-age company after Oyo to file its papers in a confidential way, as per the report. The first company to file its papers in a confidential way was Tata Play.
Read: Swiggy To Integrate Instamart With Online Retail Platform Mall
Recently, Swiggy got the go-ahead from its shareholders for its $1.2 billion IPO. The company intends to raise Rs 3,750 crore ($450 million) in fresh capital along with an offer-for-sale (OFS) segment of up to Rs 6,664 crore ($800 million). Ahead of its IPO, the company also aims to raise Rs 750 crore from anchor investors. An extraordinary general meeting was held for the same.
However, Swiggy did not comment on the development and replied to Moneycontrol, saying, “We do not comment on any market speculation or rumours. We will update you on any developments as and when they are ready to be shared in the public domain."
Swiggy is backed by shareholders such as Accel, Elevation Capital, Meituan, Norwest Venture Partners, Tencent, DST Global, Qatar Investment Authority, Coatue, Alpha Wave Global, Invesco, Prosus, and others. Prosus is the largest investor in Swiggy, with a 33 percent stake.
