Mumbai: The Securities and Exchange Board of India (SEBI) has approved food delivery giant Swiggy's plan to launch an initial public offering (IPO), media reports said.
Swiggy had submitted its offer document to SEBI on April 30 through the confidential pre-filing route, meaning the specifics of the IPO are not publicly available, according to a Business Standard report.
However, reports indicate that the company has increased the IPO size to over Rs 11,000 crore, with Rs 5,000 crore being a fresh capital raise.
Before proceeding with the IPO, Swiggy must publish its updated draft red herring prospectus (UDRHP) for at least 21 days, during which the public can offer feedback.
Once this period concludes, the company can move forward with the IPO.
Swiggy would become the second food delivery company to go public, following Zomato, which is currently valued at Rs 2.6 trillion, with its shares having risen 2.3 times this year.
Sources said that Swiggy aims to launch its IPO in November, according to the report.
If successful, it will be the first company to go public using the confidential filing route.
Only three other companies—Partners Group and Kedaara Capital-backed Vishal Mega Mart, SoftBank-backed Oyo, and Tata Play—have opted for this method, the report said.
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