Mumbai, September 16: Swiggy Ltd., the Softbank-backed Indian food-delivery platform, is reportedly preparing to file for its domestic initial public offering (IPO). According to sources familiar with the matter, Swiggy is eyeing IPO filing as early as this week. The Bengaluru-based company aims to raise over USD 1 billion through the IPO, pending approval from the Securities and Exchange Board of India (SEBI).

Moneycontrol reported that the specifics of the IPO, including its size and timing, are still under discussion and may change. Earlier, Swiggy had said in a notice to shareholders that they will raise INR 5,000 crore through IPO and will seek the approval of its shareholders for the same at an extraordinary general meeting (EGM) on October 3, Economic Times reported. Swiggy Reports INR 2,350 Crore Net Loss in FY24, Down 44% from Last Year, Revenue Grows 36% Ahead of IPO.

Founded in 2014, Swiggy has grown to partner with more than 150,000 restaurants across India, delivering food in the world’s most populous nation. It competes with other major players such as Zomato Ltd., Amazon India, and Tata Group’s BigBasket.

Swiggy Considers IPO Filing

Swiggy, backed by SoftBank Group Corp., is set to join a wave of companies capitalising on India’s economic growth and the increasing interest from global investors. So far this year, approximately USD 7.8 billion has been raised through initial share sales, surpassing the totals of the past two years. Swiggy Files Legal Complaint Against Ex-Junior Employee for Embezzling Over INR 33 Crore.

In addition to Swiggy, other significant listings are anticipated in the coming months. Hyundai Motor Co. plans to list its Indian unit, potentially marking one of the largest IPOs in the country’s history. LG Electronics Inc. is also preparing for a possible USD 1.5 billion listing of its Indian business.

(The above story first appeared on LatestLY on Sep 16, 2024 02:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).