Swiggy's Path to IPO Success

Swiggy, the food delivery giant, is on the brink of launching its $1.25 billion IPO as it secures shareholders' approval to raise over Rs 10,400 crore. The board at Swiggy has given the green light to a special resolution to raise funds through a fresh issue of equity shares and an offer for sale. Sri Harsha Majety has been appointed as the executive director, with Rahul Bothra as the CFO and M. Sridhar as the company's secretary and compliance officer. Wealth managers are enticing high net-worth individuals with a 20% discount on shares. Swiggy's revenue in FY23 was Rs 8,265 crore, but losses reached Rs 4,179 crore. In the first three quarters of FY24, revenue was Rs 5,476 crore with a loss of Rs 1,600 crore. Swiggy's valuation stands at $12.7 billion, with investors showing confidence in its growth. Other companies like Awfis and TBO are also gearing up for IPO launches, signaling a busy season for public listings in India.