SoftBank-backed Indian food delivery company Swiggy has received shareholders’ approval to use a provision that will allow it to increase the size of fresh issue in its IPO to 50 billion rupees ($595 million) from 37.5 billion rupees, people aware of the matter told Reuters on Thursday.
India’s red-hot IPO market has already seen around 250 companies raise over $9 billion so far this year, more than double the amount raised in the same period last year, as per LSEG data.
Swiggy‘s existing shareholders will sell shares worth 66.64 billion rupees, which remains unchanged.
With the increase of the fresh issue, its initial public offering size will increase to $1.4 billion from $1.25 billion. Swiggy‘s original IPO size eked out NTPC Green Energy’s $1.2 billion public offering filing to be the largest in the country this year.
Swiggy did not immediately respond to a Reuters request for comment.
The Bengaluru-based company had filed its draft papers for the IPO last week, reported by Reuters to be targeting a valuation of $15 billion.
Among its investment plans is the expansion of its quick-commerce business called ‘Instamart’, where rivals including Zomato and Zepto race to delivery everything from groceries to higher-margin electronics in 10 minutes.
Swiggy also competes with Zomato in the food delivery space.
Reuters