Swiggy IPO: Several high-profile personalities from the worlds of entertainment, sports, and business have invested in food and grocery delivery platform Swiggy ahead of its much-anticipated initial public offering (IPO), according to a report.
The food tech giant Swiggy recently filed its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on September 26. The IPO will consist of a fresh issue of shares worth ₹3,750 crore and an offer-for-sale (OFS) component of 18.53 crore equity shares.
Ahead of the public offer, Swiggy's pre-IPO shares have seen a strong demand in the unlisted market. According to the Economic Times, approximately 200,000 shares have already been purchased by prominent individuals.
Cricketers Rahul Dravid and Zaheer Khan, tennis player Rohan Bopanna, filmmaker Karan Johar, and actor-entrepreneur Ashish Chowdhry are among the notable investors who have acquired Swiggy shares, Economic Times reported.
In previous funding rounds, Bollywood legends Amitabh Bachchan and Madhuri Dixit Nene, along with Innov8 founder Ritesh Malik, had also invested in the company.
Swiggy IPO follows a series of high-profile funding rounds that attracted global venture capital giants like SoftBank Vision Fund, Accel, and Prosus. Motilal Oswal Financial Services Chairman, Raamdeo Agrawal, is also among the prominent investors who have backed Swiggy.
The Bengaluru-based startup is targeting a valuation of $15 billion through the IPO, Reuters reported, quoting sources. In its last funding round in 2022, led by asset manager Invesco, Swiggy was valued at $10.7 billion.
Swiggy IPO comprises an OFS component of 18.53 crore shares wherein investors, including Accel India, Apoletto Asia, Alpha Wave Ventures, Coatue PE Asia, Elevation Capital, Norwest Venture Partners and Tencent Cloud Europe will sell shares in the company.
Swiggy’s IPO comes at a time when its rival Zomato shares are scaling highs following a successful public debut. Zomato was listed in 2021 at a premium of 52% over its IPO price and has given multibagger returns so far.
India’s food delivery market is a duopoly, with Swiggy and Zomato together commanding over 90% of the food industry. This market is estimated to grow to ₹2 lakh crore by 2030.
