Swiggy to launch Rs 10,000 crore share sale next week
Indian food deliverer Swiggy Ltd. is preparing to raise as much as Rs 10,000 crore ($1.1 billion) from institutional investors as early as next week, according to people familiar with the matter.
The company has shortlisted three banks to manage the share sale — the Indian units of Citigroup Inc. and JPMorgan Chase & Co., as well as Kotak Mahindra Capital Co. — the people said, asking not to be identified because the information is private.
Swiggy’s board approved plans on Nov. 7 to raise up to Rs 10,000 crore through a qualified institutional placement, subject to shareholder and regulatory approval. The timing and size of the deal could still change, the people said.
Swiggy, Citigroup, JPMorgan, and Kotak Mahindra didn’t immediately respond to requests for comment.
The company has shortlisted three banks to manage the share sale — the Indian units of Citigroup Inc. and JPMorgan Chase & Co., as well as Kotak Mahindra Capital Co. — the people said, asking not to be identified because the information is private.
Swiggy’s board approved plans on Nov. 7 to raise up to Rs 10,000 crore through a qualified institutional placement, subject to shareholder and regulatory approval. The timing and size of the deal could still change, the people said.
Swiggy, Citigroup, JPMorgan, and Kotak Mahindra didn’t immediately respond to requests for comment.
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