: Market regulator SEBI has finally cleared the way for Swiggy’s IPO. SEBI has approved the IPO of food delivery company Swiggy on Tuesday. The company’s IPO of about Rs 11000 crore may come in November. SEBI has told Swiggy that it will have to update the documents (UDRHP) 21 days before bringing the IPO. With this, another big IPO is almost certain to come in the year 2024.
Fresh shares worth Rs 5000 crore will be issued
Money Control, citing sources, has said in its report that Swiggy had filed IPO documents through the confidential route. The final date of this IPO has not been decided yet, but it is almost certain to come in November. Due to the excellent performance of IPOs of various companies on the stock market, Swiggy would not want to delay it. In this IPO, along with the issuance of fresh shares worth about Rs 5000 crore, there may also be a big offer for sale. Through this IPO, the company wants to achieve a valuation of $ 15 billion. The shareholders of the company had approved the IPO in April.
Swiggy’s food delivery business is running in profit
Swiggy has the support of Softbank. The company earned a revenue of Rs 5,476 crore in FY 2024. The company suffered a loss of about Rs 1600 crore in the first three quarters of the last financial year. However, Swiggy’s food delivery business is profitable. Their subsidiary Instamart’s business is currently running at a loss. On the other hand, Swiggy’s biggest competitor company Zomato has already been listed on the stock market and the value of its shares is increasing rapidly. Currently, Zomato’s market value has reached around $27 billion.
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