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Swiggy IPO: Accel, Elevation Capital see over 3300% gain, Prosus likely to get Rs 4,254 Cr
YourStory
·
9m ago
Medial
Indian food delivery platform Swiggy has set the price range of its initial public offering (IPO) at ₹371-390 ($4.98-$5.24). The IPO will be open for bidding from 6 to 8 November, and early investors including Accel and Elevation Capital are set to make significant gains. Accel will see a return of 3,391% on its investment, while Elevation Capital will gain 3,309%, based on the upper end of the IPO price. Swiggy plans to raise ₹44.99bn ($600m) in fresh capital through the issuance of new shares.
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Swiggy IPO: Accel, Elevation To See 34X Returns; Prosus To Pocket $500 Mn
Inc42
·
9m ago
Medial
Swiggy's IPO will see Accel and Elevation selling a portion of their shares, with the former expecting a 34.9X return on investment. Prosus, the largest shareholder, plans to sell a fifth of its stake for a 3X return. Brokerages are suggesting long-term potential for the stock, while some are advising against investing in the IPO.
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EXCLUSIVE: Prosus to double down on Urban Company with $30M investment
YourStory
·
10m ago
Medial
- Prosus, a major technology investor, plans to double its investment in home services platform Urban Company ahead of the startup's anticipated public listing next year. - Prosus will invest around $30 million in an all-secondary transaction at a flat $2.6 billion valuation, giving a partial exit to Bessemer Venture Partners. - Accel Partners and Elevation Capital, early backers of Urban Company, have put their plans for further stake sales on hold and will await the company's IPO next year. - Prosus' decision to increase its stake in Urban Company follows a substantial gain from its investment in Swiggy, another successful Indian startup. - Prosus is diversifying its stake beyond tech investments, with recent investments in Vastu Housing Finance and plans to invest in Bluestone, a jewellery platform. - Urban Company, founded by Abhiraj Bhal, Raghav Chandra, and Varun Khaitan, last raised funding in 2021 and has initiated conversations with investment banks for an IPO.
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Swiggy IPO’s anchor investment bids to open tomorrow
YourStory
·
9m ago
Medial
Swiggy, the food delivery player, is set to launch its initial public offering (IPO) with the bidding process scheduled to begin on November 6. The company aims to achieve a valuation of Rs 87,000 crore ($11.3 billion) and plans to list on domestic stock exchanges by November 13, 2024. Swiggy is looking to raise Rs 4,499 crore through the issuance of fresh shares, while existing shareholders, including early investors like Accel and Elevation Capital, will also sell around 175 million shares. Accel and Prosus are expected to realize significant gains from their investments.
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Swiggy files updated prospectus, to raise Rs 3,750 crore
Economic Times
·
10m ago
Medial
Food delivery company Swiggy has submitted an updated prospectus for its initial public offering (IPO), consisting of a fresh capital raise of Rs 3,750 crore and an offer for sale of 185.3 million shares. The IPO has received approval from the Securities and Exchange Board of India. Investors such as Prosus, Accel, Norwest Venture Partners, Tencent, Elevation Capital, and Alpha Wave Global will sell part of their stakes in the IPO, while SoftBank will not be selling any shares.
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Swiggy IPO: Accel, Prosus, Elevation, Alpha wave to sell part stakes | Mint
Livemint
·
10m ago
Medial
Food delivery startup Swiggy is set to go public with an initial public offering (IPO) that includes a combination of fresh equity shares and shares being sold by existing shareholders. Swiggy's early investors, including Accel, Alpha Wave, Elevation Capital, and Prosus, are among those selling part of their stake. The IPO comes as Swiggy reported reducing its losses by 43% in FY24, driven by growth in its food delivery and quick commerce segments. The company plans to use the IPO proceeds to expand its user and partner base in new cities and further develop its quick commerce arm.
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Prosus, Accel And Elevation Capital Selling Shares In Swiggy Ahead Of Its IPO
Inc42
·
1y ago
Medial
Prosus, Accel, and Elevation Capital are some of the early investors who are selling their shares in Swiggy. Wealth management service providers and high net-worth individuals are acquiring stakes in the company. Swiggy's shares are being bought and sold at INR 330-350 per share, valuing the company at $9.3 billion in the secondary market.
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Swiggy IPO: Prosus may pocket $500 million; founders cash out $36 million via secondaries
Economic Times
·
10m ago
Medial
Swiggy's largest investor Prosus is expected to fetch over $500 million from the upcoming IPO of the food and grocery delivery firm. Prosus plans to sell a 5% stake, with the amount calculated based on Swiggy's estimated valuation of $11-12 billion. Other investors like Elevation Capital, Accel, and Norwest will also sell part of their stake in the IPO. Swiggy's founders Sriharsha Majety, Rahul Jaimini, and Nandan Reddy are also selling their stakes, with the company planning to raise up to $448 million through a fresh issue of shares.
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Invested $8.6 billion in India, continue to see a lot of opportunity: Prosus CEO Fabricio Bloisi
Economic Times
·
3m ago
Medial
Prosus, a Dutch tech investment firm, has invested $8.6 billion in India, viewing it as a promising market. CEO Fabricio Bloisi highlighted Swiggy's public listing and Prosus’ investment in Rapido as significant milestones. They offloaded 5% of Swiggy shares during its IPO, recovering over half of their investment. Prosus continues to see opportunities in India with plans to list Bluestone and Urban Company. They’re also exploring generative AI investments and supporting startups targeting new users.
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Swiggy gets Sebi nod for proposed $1.25 billion IPO
Economic Times
·
10m ago
Medial
Swiggy, the Indian food and grocery delivery platform, has received approval for its $1.25 billion initial public offering (IPO) from the market regulator. Swiggy will file an updated draft red herring prospectus (DRHP) before launching the IPO, which is expected to raise approximately $450 million in fresh capital along with an offer-for-sale component. Major investors like Prosus and SoftBank are likely to sell part of their holdings. Swiggy's main competitor, Zomato, had a successful IPO earlier this year. Swiggy reported revenue of Rs 5,476 crore and a loss of Rs 1,600 crore in the first three quarters of FY24.
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Swiggy Files Updated DRHP With SEBI For INR 3,750 Cr IPO
Inc42
·
10m ago
Medial
Swiggy plans to raise INR 3,750 Cr through a public issue, with a fresh issuance of shares and an offer for sale (OFS) component. Investors including Accel, Coatue, Alpha Wave, Elevation, Norwest, and Tencent will sell shares as part of the OFS component. The move comes after SEBI approved Swiggy's draft red herring prospectus (DRHP) filed via the confidential route.
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