October 10, 2024
New Delhi, India
Swiggy IPO
Swiggy’s CEO Sriharsha Majety and several top executives have been allotted extra shares worth ₹2,240 crore in Employee Stock Options (ESOPs) as the food delivery giant prepares for its much-anticipated initial public offering (IPO). Alongside Majety, co-founders Phani Kishan and Nandan Reddy, along with key figures such as Swiggy Instamart head Amitesh Jha and Food Marketplace CEO Rohit Kapoor, have also received additional shares.
Majety, who previously held a 6.23% stake in Swiggy, was allotted an extra 2.3% stake, boosting his ownership before the IPO.
Swiggy IPO Receives SEBI Approval
Swiggy has secured approval from the Securities and Exchange Board of India (SEBI) for its ₹10,414 crore IPO. The offer includes a fresh issuance of shares worth ₹3,750 crore, while the remaining ₹6,664 crore will come from an offer-for-sale (OFS) of 18.52 crore equity shares.
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OFS and Shareholders
Several key stakeholders, including Alpha Wave Ventures, Accel India IV, Apoletto Asia, Tencent Cloud Europe, and Norwest Venture Partners, are set to sell part of their holdings in the OFS.
Use of IPO Proceeds
The net proceeds from the upcoming Swiggy IPO will be used for clearing debt, funding subsidiary Scootsy, and investing in inorganic growth opportunities. Additionally, Swiggy plans to enhance its brand marketing, upgrade its technology, and strengthen cloud infrastructure to stay competitive.
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Pre-IPO Fundraising
Swiggy is also exploring a pre-IPO funding round, which could reduce the size of the fresh issuance if successful.
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