Swiggy IPO Biggest Of This Year, Aims To Raise Rs 3,750 Cr

Food delivery giant Swiggy has officially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) as it gears up for one of the biggest IPOs of 2024. The Bengaluru-based company plans to raise Rs 3,750 crore through fresh issues, while existing shareholders are set to sell 18.53 crore shares in an offer for sale (OFS) that could be worth around Rs 6,500 crore.

Key investors such as Accel, Coatue, Tencent, and Norwest are reducing their stakes in Swiggy, making way for new investors. Swiggy’s market rival, Zomato, went public in 2021, and the two companies dominate over 90% of India’s food delivery industry, which is projected to grow to Rs 2 lakh crore by 2030.

Swiggy’s IPO filing comes amid a surge in India’s stock market, with over 230 companies having raised more than $8.6 billion this year.