Swiggy's confidential filing for IPO gets Sebi nod, launch likely in November

Under the confidential filing route, this nod will be followed by the filing of two updated DRHPs. Only then will the RHP (red herring prospectus) be filed and the IPO launch planned, sources added

Ashwin Mohan

September 24, 2024 / 19:21 IST

Swiggy recently upsized its IPO to $1.4 billion, amid intensifying competition in the online grocery delivery space

Food and grocery delivery platform Swiggy has received approval from market regulator Securities and Exchange Board of India (SEBI) after its confidential filing of draft share sale documents, clearing a crucial hurdle to its highly anticipated initial public offering, people familiar with the development said.

"Under the confidential filing route, this nod will be followed by the filing of two updated DRHPs (draft red herring prospectus), one responding to Sebi comments and the other seeking public comments for 21 days. Only then will the RHP (red herring prospectus) be filed, and the IPO launch planned," one of the people said, requesting anonymity.

"Though no final call has been taken, the Swiggy issue may launch in November. Discussions with anchor investors will begin now," a second person said, also declining to be named.

A spokesperson for Swiggy did not immediately respond to an emailed query. This article will be updated as soon as a response is received.

SEBI introduced the concept of confidential filings in November 2022. Common in US markets, under this route, the issuer company is allowed to keep its offer document private by the pre-filing route until it firms up its IPO plan. The direct-to-home platform, Tata Play (formerly Tata Sky), was the first firm to file confidential papers with SEBI for an IPO. It later dropped its listing plans.