Swiggy shareholders give the greenlight to $1.2-billion IPO
Food tech giant Swiggy has received the approval from shareholders for a $1.2-billion initial public offering (IPO), according to regulatory filings with the registrar of companies (RoC).
The Bengaluru-based company plans to raise up to Rs 3,750 crore (around $450 million) through a fresh issue and up to Rs 6,664 crore (around $800 million) as an offer-for-sale (OFS) component, the filings further showed.
In the same EGM, Sriharsha Majety and Nandan Reddy were appointed executive directors of the company. Majety was designated as managing director and group CEO, while Reddy was named whole-time director and head of innovation.
In the run up to the IPO, Swiggy recorded a $207 million loss for the nine months to December 2023. That loss was on a revenue of $1.02 billion during the same period, compared with fiscal year 2022-23 revenue of $1.05 billion, as reported earlier.
