SoftBank-backed Indian food delivery company Swiggy received shareholders' approval to use a provision that will allow it to increase the size of fresh issue in its IPO to 50 billion rupees ($595 million) from 37.

“The approval has been granted by shareholders for the enabling provision to increase the fresh issue component…this means the company can increase fresh capital raise to Rs 5,000 crore if required,” a person familiar with the matter said.

While Swiggy’s shareholders will offload shares worth Rs 6,664 crore, the overall offering will now increase to $1.4 billion, up from the earlier estimate of $1.25 billion

One of the biggest food delivery services in India, Swiggy, has increased the amount of its primary issue from ₹3,750 crore to ₹5,000 crore, marking a major step toward its public market debut.

The Bengaluru-based company’s public market debut is expected to be one of the largest new-age IPOs, with an overall size potentially reaching ₹ 10,414 crore ($1.25 billion) or ₹ 11,664 crore ($1.4 billion) if the IPO size is increased.

The IPO Tracker provides an update on Swiggy's Initial Public Offering (IPO), revealing that the company has increased the size of its fresh issue to ₹5,000 crore. This raises the question of whether potential buyers should consider investing in Swiggy or avoid it altogether.

SoftBank-backed Indian food delivery company Swiggy received shareholders' approval to use a provision that will allow it to increase the size of fresh issue in its IPO to Rs 5,000 crore from Rs 3,750 crore,

MUMBAI: The shareholders of Swiggy at an extraordinary general meeting (EGM) held on Thursday has approved a resolution to increase the size of the primary issue of its upcoming initial public offering (IPO),