Food and grocery delivery major Swiggy has filed draft documents for an initial public offering (IPO) with the Securities and Exchange Board of India, according to sources.

The company has made a confidential filing, which means that details about the business will not be released to the public, sources added. DRHPs filed under the confidential facility need not be released in the public domain.

This comes after Swiggy’s shareholders approved a proposal for a $1.25-billion public, issue which includes 450 million fresh shares and a $800-million offer-for sale (OFS) by existing shareholders.

Swiggy has been pitching a pre-IPO deal to high networth individuals (HNIs) to buy its shares at a 20 per cent discount. The company was recently valued at $12.7 billion by its early backer Invesco.

Swiggy is amongst a slew of new-age tech companies -- Firstcry, Ola Electric, Mobikwik, Unicommerce and Awfis, among others -- which are planning an IPO this year.

The special resolution was passed at an extraordinary general meeting (EGM) on April 23.

The filing noted that the company’s co-founders Sriharsha Majety and Nandan Reddy were appointed executive directors. Majety was designated managing director and group CEO, while Reddy was named whole-time director and head of innovation.

Recently, US-based asset management firm Baron Capital Group also marked up the fair value of its stake in Swiggy.

The company also changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd through a special resolution passed by its shareholders. It has again changed its registered name Swiggy Pvt Ltd to Swiggy Ltd.

Swiggy appointed Anand Kripalu as an independent director and the chairperson of its board of directors in December last year. Kripalu was earlier the managing director and global CEO of Essel Propack Ltd.

In FY23, Swiggy reported revenue from operations of Rs 8,265 crore, a 45 per cent jump from FY22, while its net loss increased 15 per cent to Rs 4,179 crore.

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