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SoftBank-backed Indian food delivery company Swiggy has received shareholder approval to use a provision that will allow it to increase the size of its new issue in its IPO from Rs 3,750 crore to 5 000 crore ($595 million), people familiar with the matter said. Reuters THURSDAY.
India’s red-hot IPO market has already seen around 250 companies raise over $9 billion so far this year, more than double the amount raised in the same period last year , according to LSEG data.
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Existing shareholders of Swiggy will sell shares worth Rs 6,664 crore, which remains unchanged.
With the increase in new issuance, the size of its initial public offering will increase from $1.25 billion to $1.4 billion.
The initial size of Swiggy’s IPO made NTPC Green Energy’s public offering of $1.2 billion the largest in the country this year.
Swiggy did not immediately respond to a Reuters request for comment.
The Bangalore-based company had filed its draft documents for the IPO last week, which Reuters reported was targeting a valuation of $15 billion.
Among its investment plans is the expansion of its fast commerce business called “Instamart”, where competitors such as Zomato and Zepto are racing to deliver everything from groceries to higher-margin electronics, in 10 minutes.
Swiggy also competes with Zomato in the food delivery space.
First publication: October 3, 2024 | 9:16 p.m. STI