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Swiggy picks I-Sec, JP Morgan for blockbuster IPO; may raise over $1 billion

In January, Swiggy raised $700 million at a valuation of $10.7 billion, doubling its valuation in six months. The $700-million round was led by Invesco, with participation from new investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital

March 08, 2022 / 03:45 PM IST
In January, Swiggy raised $700 million at a valuation of $10.7 billion, doubling its valuation in six months.

In January, Swiggy raised $700 million at a valuation of $10.7 billion, doubling its valuation in six months.

Food delivery company Swiggy, which is backed by South African internet giant Naspers and Japan’s Softbank, has kick-started preparations to launch a mega domestic initial public offer to raise around $1 billion and has engaged two investment bankers for the proposed listing as it looks to join rival Zomato in the listed universe, sources in the know told Moneycontrol.

Zomato made a spectacular debut on the bourses in July 2021 but its stock price has plunged in recent times, a trend seen in other new-age tech stocks as well.

“Investment banks ICICI Securities and JP Morgan have been taken on board by Swiggy as of now. More banks may be added later. This will be a big IPO and based on valuations, the firm may look at potentially raising in excess of a billion dollars,” said one of the people cited above.

Two other persons confirmed the development. One of them added that Swiggy planned to file the DRHP (draft red herring prospectus) with Sebi by June and a launch could happen in 2022 or early 2023 depending on market conditions.