Bengaluru-based food delivery company Swiggy is planning to launch its IPO by the end of FY24.
According to experts related to the matter, soon the company can file DRHP (Draft Red Herring Prospectus) with SEBI. At present the size of the IPO has not been decided, it will be decided a few days before the filing. In this issue, there will be fresh issue along with OFS.
Sources also said that the company will also bring pre-IPO placement between DRHP and RHP filing. Companies like ICICI Securities, Kotak and JP Morgan are in the race to become book running leading managers.
Invesco increased valuation
Let us tell you that US investor Invesco has recently increased the valuation of its investment in Swiggy operator Bundl Technologies for the second consecutive time, although the valuation was also reduced twice last year.
According to a filing with SEBI, Invesco has estimated the valuation of 2% stake in Swiggy at $ 147.6 million at the end of October 2023. In May, CEO Sriharsha Majeti had said that Swiggy’s food delivery business has become profitable.
Majeti had written in a blog post, ‘Swiggy’s food delivery business has become profitable by March 2023… Swiggy is among the few food delivery platforms in the world to become profitable in just 9 years of its establishment.’