'Its Confidential': Swiggy, Enroute To IPO, Submits Draft To SEBI

'Its Confidential': Swiggy, Enroute To IPO, Submits Draft To SEBI

The DHRP protocol allows entities to file the required documents in a confidential guise.

Juviraj AnchilUpdated: Sunday, April 28, 2024, 10:27 AM IST
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One of the biggest unicorns of the Indian tech paradigm, Swiggy is inching closer to its much anticipated IPO or Initial Public Offering. According to reports the food and essential delivery entity filed a the draft with the Securities and Exchange Board of India or SEBI through Draft Red Herring Prospectus or DHRP.

The DHRP protocol allows entities to file the required documents in a confidential guise.

IPO Bells Ring High

As a result of which, parties are not expected to, or are bound to make the filings public or put them in them public domain.

Zomato, arguably, Swiggy's biggest rival in the market went public and issued its IPO, way back in 2021, in the midst of the pandemic. Of course, a lot has changed in these many years, as Zomato and Swiggy are not the only players in the market, with tech and gig-work culture acting as its fulcrum.

Bengaluru headquartered company is anticipated to offer the IPO of about Rs 10,400 crore.

Bengaluru headquartered company is anticipated to offer the IPO of about Rs 10,400 crore. | Image: Wikipedia (Representative)

In 2021, Zomato's IPO was a book-built issue of Rs 9,375 crores. The offering was oversubscribed 38.25 times. Coming to Swiggy, the Bengaluru headquartered company is anticipated to offer the IPO of about Rs 10,400 crore, which would make it the second largest IPO, after Vijay Shekhar Sharma-led Paytm, which on a side note, has its fortunes in doldrums.

The Tight Spaced Market

In today's market, apart from Swiggy and Gurgaon-based Zomato, players like Zepto and Dunzo are also adding to the competition on the streets and on your phone. Zomato has tried to consolidate its positioning with the acquisition of Uber Eats' flailing operation in India, apart from acquiring Grofers (Now Blinkit).

Meanwhile, major names including Walmart-owned Flipkart, Amazon and Reliance's JioMart are digging deeper in the quick-service sector.

Zomato's shares appear to be doing reasonably well, as just in past one month of trading, the company gained 3.51 per cent. Just on the last day of the previous trading week, the company shares rose 2.06 per cent in value.

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