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Swiggy shareholders give nod to up IPO fresh issue component to Rs 5,000 crore

Economic TimesEconomic Times · 1m
Swiggy shareholders give nod to up IPO fresh issue component to Rs 5,000 crore

- Swiggy shareholders have approved increasing the fresh issue component of its IPO to Rs 5,000 crore. - The company had initially planned a fresh issue of Rs 3,750 crore and an offer-for-sale (OFS) component of 185.3 million shares. - The final decision on increasing the fresh capital raise will be taken in consultation with the company's bankers. - Swiggy's updated draft red herring prospectus (DRHP) for its IPO was filed on September 27. - The company intends to use the proceeds from the fresh issue to expand its quick commerce operations by opening more dark stores. - Swiggy reported a 34% YoY rise in operating revenue for the June quarter, but net losses widened due to increasing competition in the quick commerce space.

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