Food and grocery delivery giant Swiggy has cleared a major regulatory hurdle by securing approval from the Securities and Exchange Board of India (SEBI) after confidentially filing its draft IPO documents. This brings Swiggy a step closer to its much-anticipated public offering, sources familiar with the matter have confirmed.
“Following the approval via the confidential filing process, Swiggy is now expected to submit two updated Draft Red Herring Prospectuses (DRHPs). The first will address SEBI’s feedback, and the second will invite public comments for a period of 21 days. After these steps, the final Red Herring Prospectus (RHP) will be filed, paving the way for the IPO launch,” said a source who wished to remain anonymous.
While no firm date has been decided, the IPO could potentially be launched in November, according to another insider. “Discussions with anchor investors are set to begin soon,” they added.
Swiggy’s spokesperson has yet to respond to an inquiry regarding the matter. This article will be updated once an official statement is received.
SEBI introduced the concept of confidential filings in November 2022, a method commonly used in US markets. It allows companies to privately submit their offer documents while refining their IPO strategy. Tata Play, previously known as Tata Sky, was the first company to file confidential papers under this route, though it eventually decided not to pursue a listing.
Source: Moneycontrol
News Desk
