Swiggy files updated draft papers for ₹3,750 crore IPO, to use ₹1,120 crore for Scootsy

The Swiggy IPO consists of a fresh issue of 37,500 million equity shares with a face value of ₹1 each and an offer for sale (OFS) of 185,286,265 equity shares

Food delivery giant Swiggy has filed its updated Draft Red Herring Prospectus (DRHP) for its Initial Public Offering (IPO) worth ₹3,750 crore on Thursday, September 26, 2024.

Food delivery giant Swiggy has filed its updated Draft Red Herring Prospectus (DRHP) for its Initial Public Offering (IPO) worth ₹3,750 crore on Thursday, September 26, 2024.

The Swiggy IPO consists of a fresh issue of 37,500 million equity shares with a face value of ₹1 each and an offer for sale (OFS) of up to 185,286,265 equity shares.

What will the proceeds of Swigy's IPO be used for?

1. ₹137.41 crore will be used for repaying the debts of Swiggy's subsidiary Scootsy, which is an intra-city delivery service in Mumbai.
2. ₹982.40 crore will be invested into setting up dark stores (Retail spaces used only for online orders, without being physically open to the public) for Scootsy and making lease/license payments for them. Of the ₹982.40 crore, ₹559.10 crore will be used for expanding the dark store network and ₹423.30 crore will be used for making lease/license payments.
3. ₹586.20 crore will be invested into technology and cloud infrastructure.
4. ₹929.50 crore will be used for marketing and business promotion expenses.

How many shares will the current Swiggy shareholders be selling?

• Accel India IV (Mauritius) Limited will sell up to 10,572,706 equity shares at a weighted average cost of acquisition per equity share of ₹11.17 each.
• Apoletto Asia Ltd will sell up to 1,696,504 equity shares at a weighted average cost of acquisition per equity share of ₹13.98 each.
• Alpha Wave Ventures, LP will sell up to 5,573,473 equity shares at a weighted average cost of acquisition per equity share of ₹178.90 each.
• Coatue PE Asia XI LLC will sell up to 3,885,413 equity shares at a weighted average cost of acquisition per equity share of ₹101.49 each.
• DST EuroAsia V B.V. will sell up to 5,621,668 equity shares at a weighted average cost of acquisition per equity share of ₹94.75 each.
• Elevation Capital V Limited will sell up to 7,396,253 equity shares at a weighted average cost of acquisition per equity share of ₹11.44 each.
• Inspired Elite Investments Limited will sell up to 6,747,246 equity shares at a weighted average cost of acquisition per equity share of ₹90.81 each.
• MIH India Food Holdings B.V. will sell up to 118,215,233 equity shares at a weighted average cost of acquisition per equity share of ₹131.15 each.
• Norwest Venture Partners VIIA-Mauritius will sell up to 6,406,307 equity shares at a weighted average cost of acquisition per equity share of ₹14.82 each.
• Tencent Cloud Europe B.V. will sell up to 6,327,243 equity shares at a weighted average cost of acquisition per equity share of ₹165.47 each.

Who are the book running lead managers for the Swiggy IPO?

The book running lead managers are Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Jefferies India Private Limited, ICICI Securities Limited, and Avendus Capital Private Limited.