CosmicTaco

Swiggy to File Draft Papers for $1.3B IPO by September First Week

CosmicTaco · 2024-08-20T15:13:58.750019+05:30

- Swiggy, backed by SoftBank, plans to file its draft red herring prospectus with India's market regulator by the first week of September, aiming for a $1.28 billion IPO. - The IPO will be the second-largest for a venture capital-backed company in India, following Paytm, with Swiggy aiming to raise Rs 10,400 crore. - Swiggy's valuation is expected to be around $16 billion, approximately 60% of Zomato's market capitalization, according to sources. - The company confidentially filed documents for the IPO in April and received shareholder approval for a fresh issue of Rs 3,750 crore and an offer for sale worth Rs 6,664 crore. - Swiggy's IPO comes as its rival Zomato has seen significant stock price gains, and the listing will set a valuation benchmark for Swiggy, which needs to achieve profitability to attract investors. Source: [Your Story](https://yourstory.com/2024/08/swiggy-drhp-ipo-first-week-september)

Swiggy, backed by SoftBank, plans to file its draft red herring prospectus with India's market regulator by the first week of September, aiming for a $1.28 billion IPO.
The IPO will be the second-largest for a venture capital-backed company in India, following Paytm, with Swiggy aiming to raise Rs 10,400 crore.
Swiggy's valuation is expected to be around $16 billion, approximately 60% of Zomato's market capitalization, according to sources.
The company confidentially filed documents for the IPO in April and received shareholder approval for a fresh issue of Rs 3,750 crore and an offer for sale worth Rs 6,664 crore.
Swiggy's IPO comes as its rival Zomato has seen significant stock price gains, and the listing will set a valuation benchmark for Swiggy, which needs to achieve profitability to attract investors.

Source: Your Story