Indian food ordering and delivery online platform Swiggy will most likely submit a draft red herring prospectus with markets regulator Sebi in the first week of September. It is India’s second-biggest VC-backed firm.
Envisaging from this, Swiggy would be hoping to mop up Rs 10,400 crore through its IPO, thus becoming the first VC-backed startup to gross more than Rs 10,000 crore through a public listing since Paytm, two sources aware of the development have told YourStory.
“The idea is to get listed this fiscal year and so we are moving towards that. The thumb rule is, given its profitability and the revenue of Zomato, Swiggy’s valuation will be 60% of Zomato’s market capitalisation. So, in that context, Swiggy will be valued at around $16 billion or 15-17, to give a range,” said one of the two people quoted above on condition of anonymity.
Swiggy filed draft IPO papers with the Securities and Exchange Board of India in April to raise about 10,400 crore. In July, Swiggy received shareholders’ approval for going public with a fresh issue of 3,750 crore. Now, in the last leg of its IPO process, Swiggy will cover the pre-IPO investment in the range of about $90 m, or nearly ₹750 crore, through an anchor round.
