Food Delivery Giant Swiggy Gears Up for Market Debut with a Record-Breaking IPO
Swiggy Ltd, the online food delivery and quick commerce leader, is set to launch its Initial Public Offering (IPO) from November 6 to November 8, aiming to raise ₹11,327.4 crore.
This will be the second IPO in the sector, following Zomato’s 2021 debut, and is expected to surpass Zomato’s ₹9,375 crore offering in size. The offer consists of a fresh issue of ₹4,499 crore and an offer-for-sale of ₹6,828.4 crore, with an expected price range of ₹371 to ₹390 per share.
Legal Advisors to the IPO
Swiggy has been advised by leading law firms, including Cyril Amarchand Mangaldas (CAM), Shardul Amarchand Mangaldas (SAM), AZB & Partners, JSA, and Latham & Watkins.
- Cyril Amarchand Mangaldas (CAM): Led by Senior Partner Yash J. Ashar, Partner Gokul Rajan, and supported by Principal Associate Rushab S. Dhandokia and Associates Harshvardhan Lahiri, Indira Satish, Adwait Deshmukh, Urmil Shah, and Lajja Mehta, CAM acted on behalf of Swiggy in the IPO.
- Shardul Amarchand Mangaldas (SAM): Representing Swiggy’s largest shareholder, Prosus, the team was led by Prashant Gupta (Partner and Head – Capital Markets) and included Ruth Chenchiah (Partner) and Sanjana Chowdhary (Principal Associate).
- AZB & Partners: AZB advised the bankers on the transaction, with the team led by Varoon Chandra, Senior Partner and Head of Capital Markets.
- JSA: JSA acted for three of the selling shareholders, with the team led by Partners Arka Mookerjee and Pracheta Bhattarchaya, and Senior Associate Sourav Modi.
- Latham & Watkins: Latham & Watkins provided international legal support for the IPO.
Book-Running Lead Managers and Registrar
The offering is managed by top investment banks, including Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities, and ICICI Securities. Link Intime India Private Ltd is the registrar for the IPO.
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