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Last week, Swiggy announced the motorboat of a caller inaugural "Project Next". (Express Archives)
Food and market transportation large Swiggy has received superior markets regulator Sebi’s clearance to motorboat its overmuch anticipated Initial Public Offering (IPO), sources said connected Wednesday.
Swiggy filed its connection papers connected April 30 done the confidential pre-filing route, keeping details undisclosed for the clip being.
Under the confidential filing process, Swiggy volition taxable 2 updated draught prospectuses aft Sebi’s support — 1 addressing the regulator’s feedback and the different for nationalist comments implicit 21 days. Only past volition the last prospectus beryllium filed, and the institution tin motorboat roadshows for the IPO, sources said.
Swiggy, founded successful 2014, had a valuation of astir USD 13 cardinal successful April.
The company’s yearly gross stood astatine USD 1.09 cardinal arsenic connected March 31, 2023 and has much than 4,700 employees, according to Tracxn, a planetary startup information platform.
In April, sources had antecedently stated that Swiggy received shareholders’ support for an IPO to rise Rs 10,414 crore money done contented of caller equity shares and an Offer-For-Sale (OFS).
A peculiar solution was passed astatine an bonzer wide gathering of Swiggy connected April 23, they stated.
According to sources, the Bengaluru-based institution plans to rise up to Rs 3,750 crore funds done caller equity shares, successful summation to an OFS constituent of up to Rs 6,664 crore.
The institution is looking to enactment up astir Rs 750 crore from anchor investors successful a pre-IPO round, they had added.
Last week, Swiggy announced the motorboat of a caller inaugural “Project Next”, aimed astatine providing vocation maturation opportunities for its transportation partners portion accelerating edifice onboarding.
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