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Mumbai: Food and grocery delivery platform Swiggy has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) on Thursday. According to the UDRHP, the IPO comprises a fresh issue of Rs 3,750 crore and an offer for sale of up to 18.52 crore shares.
Earlier this week, the company received approval from Sebi for its proposed IPO. The Bengaluru-based company had originally filed draft papers for the IPO via the confidential filing route in April this year.
The size of the IPO is estimated to be around $1.25 billion, but this could increase before the launch, according to bankers.
Swiggy’s early investors, including Accel, Apoletto Asia, Alpha Wave, Coatue PE Asia, Elevation Capital, DST EuroAsia, Norwest Venture Partners, and Tencent Cloud Europe, will be selling part of their stakes through the offer for sale option.
As per the UDRHP, Swiggy reported a 33% growth in revenue, reaching Rs 11,634 crore for the year ending March 31, 2024, while reducing its net losses from Rs 4,179 crore in FY23 to Rs 2,350 crore in FY24. For the quarter ending June 30, 2024, the company posted revenue of Rs 3,310 crore and a net loss of Rs 611 crore.
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