Swiggy, the company planning to bring-in the most anticipated IPO this year, has submitted updated documents to the Securities and Exchange Board of India (Sebi) as it prepares for its public offering.
As per the updated draft red herring prospectus (UDRHP), Swiggy is now planning to raise money by selling shares worth Rs 3,750 crore. The current shareholders will sell 18.52 crore of their existing shares. Market sources have pegged the company's IPO size at over Rs 10,000 crore.
Those selling shares in the offer for sale (OFS) route are Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V BV, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings BV, Norwest Venture Partners VII-A Mauritius and Tencent Cloud Europe BV.
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Also, the company is looking to mobilise up about in a pre-IPO round. If this occurs, the size of the fresh issue will be reduced accordingly.
The updated draft filing comes after Swiggy's confidential offer document was approved by Sebi earlier this week. The company filed its offer document on April 30 through the confidential pre-filing route.
Under the confidential filing process, Sebi reviews confidential DRHP and provides comments on it. Thereafter, the company going public is required to file an update to the confidential DRHP (UDRHP-I) after incorporating the regulator's comments. This UPDRHP-I is made available for public comments over 21 days.
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Use of Proceeds
As per the UDRHP, proceeds from the fresh issue will be used for debt payment of its subsidiary firm, Scootsy.
Additionally, Rs 982.40 crore will be invested in Scootsy to expand the Dark Store network in the Quick Commerce segment, with Rs 559.10 crore allocated for setting up Dark Stores and Rs 423.30 crore for lease or license payments.
The company will also invest Rs 586.20 crore in technology and cloud infrastructure, Rs 929.50 crore for brand marketing and business promotion, and funds will be allocated for inorganic growth and general corporate purposes.
(With inputs from PTI)
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