NAME: Swiggy’s $1.35 billion IPO
LAW FIRM: AZB & Partners, Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, JSA, Latham & Watkins
JURISDICTION: India
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Consumer goods and services, Technology and telecommunications
Swiggy’s $1.35 billion IPO is our deal of the month for November.
Online food and grocery delivery company Swiggy has successfully launched its $1.35 billion IPO. The IPO is the second largest offering in India this year and follows in the footsteps of competitor Zomato’s IPO, which was launched in 2021.
On November 8th, the IPO received bids for more than three times the shares on offer. The portion reserved for institutional investors was oversubscribed over six times, while shares for retail investors were subscribed by 114%. With the IPO, Swiggy plans to use $140 million of the proceeds to expand warehouses, as it shifts towards its quick commerce business over food delivery operations.
AZB & Partners acted for the bookrunners. The team was led by its senior partner and head of capital markets Varoon Chandra.
Cyril Amarchand Mangaldas advised Swiggy. The team was led by senior partner Yash Ashar and included partner Gokul Rajan, principal associate Rushab Dhandokia and associates Harshvardhan Lahiri, Indira Satish, Adwait Deshmukh, Urmil Shah and Lajja Mehta.
JSA acted for three of the selling shareholders. The team included partners Arka Mookerjee and Pracheta Bhattarchaya and senior associate Sourav Modi.
Shardul Amarchand Mangaldas advised Prosus, one of Swiggy’s largest shareholders. The team was led by capital markets head Prashant Gupta included partner Ruth Chenchiah and principal associate Sanjana Chowdhary.
