Khaitan & Co Advised Baron Emerging Markets Fund On Swiggy IPO
Khaitan & Co Advised Baron Emerging Markets Fund on Swiggy IPO
Khaitan & Co advised Baron Emerging Markets Fund, a selling shareholder in Swiggy on its IPO aggregating to INR 113,274 million. This comprised a fresh issue and an offer for sale of equity shares by the selling shareholders.
The IPO, which opened for bidding from November 6 to November 8, 2024, was successfully allotted by November 11 and listed on November 13, 2024. Swiggy’s IPO included a fresh issue of ₹4,499 crores (11.54 crores shares) and an offer-for- sale (OFS) of ₹6,828.4 crores (17.51 crores shares). The price range for the shares was set between ₹371 and ₹390 per share.
With this offering, Swiggy became the second food delivery and quick commerce company to go public after Zomato in 2021, though its issue size surpasses that of Zomato's ₹9,375 crores IPO.
The Khaitan & Co team advising on the transaction included Partners Moin Ladha and Thomas George, Counsel Nagashayana Srinivasaiah, Principal Associate Srijanee Bhattacherjee, Senior Associate Tanish Prabhakar, and Associate Pooja Agarwal.
