Wed Sep 25 07:54:00 UTC 2024: ## Swiggy Gets Green Light from Sebi for IPO, Eyes Rs 10,414 Crore Funding

Bengaluru-based food delivery giant Swiggy has received approval from the Securities and Exchange Board of India (Sebi) to proceed with its long-awaited Initial Public Offering (IPO), sources revealed on Wednesday. The company, valued at USD 13 billion in April, had filed its offer document under the confidential pre-filing route on April 30th.

Swiggy’s IPO is anticipated to raise a total of Rs 10,414 crore, with the company planning to issue fresh equity shares worth Rs 3,750 crore and offer a portion of its existing shares for sale (OFS) worth up to Rs 6,664 crore. In addition, they are looking to secure Rs 750 crore from anchor investors through a pre-IPO round.

The company’s annual revenue stood at USD 1.09 billion as of March 31, 2023, with a workforce of over 4,700 employees. Swiggy’s IPO comes on the heels of their recent announcement of “Project Next,” an initiative focused on enhancing career growth opportunities for their delivery partners and accelerating restaurant onboarding.

Following Sebi’s approval, Swiggy will submit two updated draft prospectuses for regulatory review and public comment. Once the final prospectus is filed, the company can launch roadshows and move towards its public listing.

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