Swiggy Shareholders Give Green Signal For $1.2 Bn IPO | CNBC TV18

Welcome back a food tech giant. Swiggy has got the green signal from its shareholders for a $1.2 billion initial public offering, according to reports. The firm is looking to file its TRHP next month and hopes to list later this year. Aishwarya Anand is here with the details. Aishwarya. Swiggy is gearing up to hit the Dilaudid St. as the food tech giant has finally received approval from its shareholders for a $1.2 billion IPO. As per Roc filing, Swiggy is looking to raise up to 3750 crore rupees through a fresh issue and up to 6664 crore rupees as an offer for sale component. The firm is also planning to raise around seven ₹50,00,00,000 from anchor investors ahead of its IPO. As per reports, McGee is likely to file its DRHP by me and ultimately list around the festive season. The IPO bond food delivery platform is seeking valuation in the range of 12 to $15 billion. And is reaching out to high net worth individuals to buy its shares at a 20% discount on its current valuation. Now remember in the beginning of March, Baron Capital revised the value of its stake in Swiggy to $87.2 million, indicating a valuation of $12.16 billion for the hyper local commerce Unicorn as it gears up for its upcoming IPO. Swiggy’s investor process which owns around 32% in the firm, will be seen selling shares in the company as it will aim to reduce its shareholding to below 25%. The IPO comes on the back of Swiggy’s food delivery business turning profitable last year. And in 2024, the company’s key focus will be on growing profitably and improve its EBITDA margins for both its food delivery business and Insta Mart. Back to you. Thank you Aishwarya for the update, Swiggy.