SoftBank-backed Indian food delivery company Swiggy received shareholders’ approval to use a provision that will allow it to increase the size of fresh issue in its IPO to Rs 5,000 crore ($595 million) from Rs 3,750 crore, people aware of the matter told Reuters on Thursday.
India’s red-hot IPO market has already seen around 250 companies raise over $9 billion so far this year, more than double the amount raised in the same period last year, as per LSEG data.
Click here to connect with us on WhatsApp
Swiggy’s existing shareholders will sell shares worth Rs 6,664 crore, which remains unchanged.
With the increase of the fresh issue, its initial public offering size will increase to $1.4 billion from $1.25 billion.
Swiggy’s original IPO size eked out NTPC Green Energy’s $1.2 billion public offering filing to be the largest in the country this year.
Swiggy did not immediately respond to a Reuters request for comment.
The Bengaluru-based company had filed its draft papers for the IPO last week, reported by Reuters to be targeting a valuation of $15 billion.
Among its investment plans is the expansion of its quick-commerce business called ‘Instamart’, where rivals including Zomato and Zepto race to delivery everything from groceries to higher-margin electronics in 10 minutes.
Swiggy also competes with Zomato in the food delivery space.
First Published: Oct 03 2024 | 9:16 PM IST
The Best Alternative to Spotify for Creators (formerly Anchor) for Podcast Hosting Have you outgrown…
Think about the last time you went to the movies. Odds are you watched a…
Redmi A4 5G at IMC 2024 (Picture: Xiaomi)2 min read Last Updated : Oct 16…
3 min read Last Updated : Oct 16 2024 | 3:52 PM IST An…
Representative image: Shutterstock3 min read Last Updated : Oct 16 2024 | 2:01 PM IST …
Krafton India introduces Deepika Padukone avatars in BGMI game2 min read Last Updated : Oct…
This website uses cookies.