Bengaluru/IBNS: Bengaluru-based online food ordering-delivery and quick commerce platform Swiggy, one of Indias most-valued unicorns, will most likely file its draft red herring prospectus with the countrys markets regulator Securities and Exchange Board of India (SEBI) by as early as the first week of September, marking the second-largest Initial Public Offering (IPO) of a venture capital-backed company in India, reports YourStory.
YourStory reported, citing two people aware of the matter, that SoftBank-backed ?Swiggy aims to raise Rs 10,400 crore ($1.28 billion) through its IPO, making it the only venture capital-backed startup to exceed Rs 10,000 crore in a public listing after NCR-based Paytm.
Things are moving to the DRHP (Draft Red Herring Prospectus) phase and it should be filed by the first week of September. Once its filed, we are looking at a two-month timeline for SEBI clearance, unless they (SEBI) want something more, a source told YourStory.
The idea is to get listed this fiscal year and so we are moving towards that. The thumb rule is that Swiggys valuation will be 60 percent of Zomatos market capitalisation, given its profitability and revenue. So in that context, Swiggy will be valued at around $16 billion or 15-17, to give a range, the source added.
Swiggys rival homegrown startup Zomatos market capitalisation as of Monday (August 19) was Rs 2.28 trillion or over $27 billion.
Swiggy, however, did not respond to queries sent by YourStory.
Earlier in April, Swiggy confidentially filed documents for a Rs 10,400 crore IPO with the SEBI, YourStory reported, adding that under the confidential route introduced by the countrys market regulator in 2022, companies can keep the details of their preliminary filings private.
This route also allows companies to adjust the number of fresh shares proposed by up to 50 percent until an updated DRHP an initial document filed with SEBI that provides an overview of the companys upcoming IPO is submitted, according to reports.
Just before it confidentially filed draft papers in April, Swiggy got shareholder approval for its IPO comprising a fresh issue of Rs 3,750 crore or $450 million and an offer for sale worth Rs 6,664 crore or around $800 million.
Swiggy would also do a pre-IPO anchor round of $90 million or Rs 750 crore, as per reports.
This year, a number of companies including office space startup Awfis, insurance company GoDigit, travel-tech platform ixigo, among others have gotten listed on Indias stock exchanges, with the latest ones being Ola Electric and FirstCry, which also became Indias biggest IPOs in 2024 so far, as reported by YourStory.
