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Swiggy shareholders approved a proposed IPO of about $1.25 billion on April 23, 2024. The offer later changed in size and terms: Swiggy’s FY 2024–25 annual report describes a $1.34 billion IPO, and the company’s shares began trading on India’s NSE and BSE on November 13, 2024.
What shareholders approved in April 2024
At an extraordinary general meeting on April 23, 2024, Swiggy shareholders approved a proposed public issue. Reuters, reporting the regulatory filing on April 25, said it comprised a fresh issue of ₹37.50 billion (about $450 million) and an offer for sale of ₹66.64 billion (about $800 million), or approximately $1.25 billion combined. The filing did not specify an IPO date. Reuters via ThePrint’s contemporaneous report.
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A fresh issue means the company sells newly issued shares and receives the proceeds. In an offer for sale, existing shareholders sell shares; those proceeds go to the selling shareholders rather than to the company. The April proposal therefore included both funding for Swiggy and a sale by existing holders.
The meeting also appointed co-founders Sriharsha Majety and Nandan Reddy as executive directors; Majety was designated managing director and group CEO, according to the same report.
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How the proposal became a completed IPO
The April approval was not the final offer. Swiggy’s investor-relations index lists its draft red herring prospectus (DRHP) dated September 26, 2024, red herring prospectus dated October 28, and prospectus dated November 8. These successive filing dates mark the later formal offer process; they do not mean the April proposal’s figures were unchanged. Swiggy’s investor-relations page.
Swiggy’s FY 2024–25 annual report describes the completed IPO as USD 1.34 billion: USD 533 million from a fresh issue and USD 809 million from an offer for sale. The company’s preliminary placement document gives the underlying rupee terms: 290,468,426 shares at ₹390 each, comprising 115,380,563 fresh shares aggregating ₹44.99 billion and 175,087,863 offer-for-sale shares aggregating ₹68.28 billion. Swiggy FY 2024–25 Annual Report; Swiggy Preliminary Placement Document.
| Stage | Fresh issue | Offer for sale | Overall amount |
|---|---|---|---|
| April 2024 proposal, as reported by Reuters | ₹37.50 billion (about $450 million) | ₹66.64 billion (about $800 million) | About $1.25 billion |
| Completed IPO, as described in Swiggy’s FY 2024–25 annual report | USD 533 million | USD 809 million | USD 1.34 billion |
The figures come from different dates and records: the first row is the proposal reported in April 2024; the second is Swiggy’s account of the completed offer in its FY 2024–25 annual report. The placement document supplies the final share count, ₹390 issue price, and rupee aggregates, rather than revising the historical April proposal.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.When Swiggy listed
Swiggy’s shares listed on both the National Stock Exchange of India and BSE Limited on November 13, 2024. Its annual report calls the listing a defining milestone for the company. The listing date answered what the April regulatory filing had left open: when the IPO would reach the public markets.
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