10 September 2024
Food tech giant Swiggy is set to increase the size of its initial public offering (l PO) by raising additional capital through a fresh issue of shares, according to an internal set of documents seen by Moneycontrol.
The company, which was first expected to raise Rs 3,750 crore (around $450 million) through a fresh issue, will now issue fresh shares worth Rs 5,000 crore (about $600 million), an increase of Rs 1,250 crore or $150 million, as it readies a cash chest in a highly competitive market.
In all, Swiggy was initially expected to raise $1.25 billion through its IPO, Rs 3,750 crore (around $450 million) in fresh issue, and up to Rs 6,664 crore (around $800 million) as part of the offer-for-sale (OFS).
However, if the company's board approves the new proposal at its extraordinary general meeting (EGM) on October 3, the total IPO size will be around $1.4 billion, up from $1.25 billion, with the additional $150 million coming in via a fresh issue. There are no plans to change the OFS component yet.
Food tech giant Swiggy is set to increase the size of its initial public offering (l PO) by raising additional capital through a fresh issue of shares, according to an internal set of documents seen by Moneycontrol.
The company, which was first expected to raise Rs 3,750 crore (around $450 million) through a fresh issue, will now issue fresh shares worth Rs 5,000 crore (about $600 million), an increase of Rs 1,250 crore or $150 million, as it readies a cash chest in a highly competitive market.
In all, Swiggy was initially expected to raise $1.25 billion through its IPO, Rs 3,750 crore (around $450 million) in fresh issue, and up to Rs 6,664 crore (around $800 million) as part of the offer-for-sale (OFS).
However, if the company's board approves the new proposal at its extraordinary general meeting (EGM) on October 3, the total IPO size will be around $1.4 billion, up from $1.25 billion, with the additional $150 million coming in via a fresh issue. There are no plans to change the OFS component yet.
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