Swiggy plans $10,000 cr share sale next week, three banks shortlisted

By Rajesh Mascarenhas and Anto Antony 

Indian food deliverer Swiggy Ltd. is preparing to raise as much as ₹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 ₹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. 

(Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)