Swiggy Limited, the new-age, consumer-first technology company which offers users an easy-to-use convenience platform, accessible through a unified app – to browse, select, order and pay for food (“Food Delivery”), grocery and household items (“Instamart”), and have their orders delivered to their doorstep through its on-demand delivery partner network, filed its UDRHP-I with SEBI for its IPO.
The public offer comprises of a fresh issue of Fresh Issue of up to Rs. 3,750 Crore and Offer for Sale of up to 185,286,265 equity shares of face value of Rs. 1 per equity share.
In accordance with the terms of the Shareholders’ Agreement, the Company and Selling Shareholders, in consultation with the BRLMs, may consider an issuance of specified securities, including by way of a private placement or such other route as may be permitted under applicable law, for a cash consideration of up to Rs. 750 Crore, at its discretion, prior to filing of the Red Herring Prospectus with the RoC, subject to receipt of requisite approvals, if any (“Pre-IPO Placement”). If the Pre-IPO Placement is undertaken, the Fresh Issue size will be reduced to the extent of such Pre-IPO Placement, subject to the Offer complying with Rule 19(2) (b) of the SCRR.
Swiggy is a consumer-first technology company offering users an easy-to-use convenience platform – to browse, select, order and pay for food (Food Delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through on-demand delivery network. The platform can be used to make restaurant reservations (Dineout) and for events bookings (SteppinOut), avail product pick-up/ drop-off services (Genie) and engage in other hyperlocal commerce (Swiggy Minis, among others) activities.
The company proposes to utilize the Net Proceeds towards funding the (1) Investment in Material Subsidiary, Scootsy, for repayment or pre-payment, in full or in part, of certain or all of its borrowings; (2) Investment in Material Subsidiary, Scootsy, for: (a) expansion of Dark Store network for Quick Commerce segment through setting up of Dark Stores; and (b) making lease / license payments for Dark Stores; (3) Investment in technology and cloud infrastructure; (4) Brand marketing and business promotion expenses for enhancing the brand awareness and visibility of platform, across segments; and (5) Funding inorganic growth through unidentified acquisitions and general corporate purposes.
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 are the book running lead managers to the issue.
