Swiggy prepares to file draft papers for Rs 10,400 crore IPO by early September

In April, Swiggy confidentially filed documents for a Rs 10,400 crore IPO with the Securities and Exchange Board of India (SEBI).

Swiggy, an Indian online food ordering and delivery platform, is expected to file its draft red herring prospectus with the country's markets regulator as early as the first week of September. This move will mark the second-largest IPO by a venture capital-backed company in India, as reported by YourStory.

Swiggy plans to raise Rs 10,400 crore ($1.28 billion) through its initial public offering, making it the only venture capital-backed startup to surpass Rs 10,000 crore in a public listing, following Paytm, according to two sources familiar with the matter who spoke to YourStory.

“The idea is to get listed this fiscal year and so we are moving towards that. The thumb rule is that Swiggy’s valuation will be 60% of Zomato’s market capitalization, given its profitability and revenue. So in that context, Swiggy will be valued at around $16 billion or 15-17, to give a range,” said one of the two people quoted above, requesting anonymity.

In April, Swiggy confidentially filed documents for a Rs 10,400 crore IPO with the Securities and Exchange Board of India (SEBI). Just before this, Swiggy obtained shareholder approval for its IPO, which includes 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. Additionally, Swiggy plans to conduct a pre-IPO anchor round of $90 million or Rs 750 crore.