Swiggy files papers with SEBI for IPO

Swiggy Limited, food delivery and quick commerce company, filed its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO).

The IPO comprises fresh issue of ₹3,750 crore and an offer for sale of 18.5 crore shares. The net proceeds would be used for repaying borrowings in Scootsy, the logistics subsidiary of Swiggy, investment in dark stores and quick commerce, marketing and promotion. In addition, the company plans to fund unidentified acquisitions, the company said in its DRHP.

The company plans to spend about ₹980 crore, largest expense, on expanding dark store network in its quick commerce business. Zomato is the only other listed peer for Swiggy. The company posted a loss of ₹2,350 crore in fiscal 2024,, 44% lower than the loss of ₹4,179 crore a year earlier.

Published - September 27, 2024 08:35 pm IST