Sebi's Green Flag To Swiggy's IPO Plan, Set To Launch In November

The Securities and Exchange Board of India (Sebi ) has approved food delivery giant Swiggy's plan to launch an initial public offering (IPO), according to reports. Swiggy had filed its offer document on 30 April 2024, under Sebi ’s pre-filing (confidential) route. This marks a key milestone for the company as it prepares for its public debut, though the specific details of the IPO remain under wraps.

Reports suggest that Swiggy has upsized its IPO to over Rs 11,000 crore, with a fresh fundraise of Rs 5,000 crore. Before the IPO can move forward, Swiggy is required to release its updated draft red herring prospectus (UDRHP) for public scrutiny for at least 21 days. During this period, the public can provide feedback on the offer document, after which Swiggy can proceed with the IPO launch, likely in November.

Swiggy will be the second food delivery firm to go public, following Zomato, which is currently valued at Rs 2.6 trillion. Zomato's stock has risen 2.3 times this year, reflecting strong investor interest in the sector.

If Swiggy successfully completes its IPO, it will become the first company to go public under Sebi 's confidential filing route. Along with Swiggy, three other firms—Vishal Mega Mart, Oyo, and Tata Play—have also opted for the confidential route but have yet to launch their IPOs.
The upcoming IPO marks a significant moment for Swiggy as it seeks to capitalise on the food delivery sector's growth, following its rival Zomato's impressive performance in the public markets.