Swiggy IPO: Rahul Dravid, Karan Johar, Other Celebrities Scoop Up Stake Ahead Of Market Debut

After the Swiggy IPO announcement, a host of celebrities from sports and entertainment are acquiring stake in the restaurant aggregator before they hit Dalal Street.

Approximately two lakh shares of the Instamart parent have been traded in the unlisted market, with prominent figures such as cricketers Rahul Dravid and Zaheer Khan, tennis star Rohan Bopanna, filmmaker Karan Johar, and actor Ashish Chowdhry jumping on the bandwagon, Economic Times reported.

This is not the first time Swiggy has attracted star power. Notable previous investors include Bollywood icons like Madhuri Dixit Nene and Amitabh Bachchan, as well as entrepreneur Ritesh Malik, ET further added.

However, the DRHP of the firm does not include these names. The draft papers only reflected Sachin Tendulkar and wife Anjali Tendulkar's names.

The platform’s meteoric rise in the food delivery sector has positioned it among India's leading tech startups, and its diversification into quick commerce and hyperlocal logistics is drawing keen interest.

The Securities and Exchange Board of India is reviewing Swiggy's draft prospectus, which is open for public comments. The company is targeting a valuation of around Rs 83,365 crore, or nearly $10 billion.

Formerly known as Bundl Technologies, Swiggy rebranded to strengthen its market identity. The company plans to raise approximately Rs 10,700 crore for the initial public offering based on the latest share transactions before submitting the draft.

After converting all preference shares held by early investors, Swiggy will have a total equity of 222.30 crore shares, each with a face value of Rs 1. Just prior to the filing, shares changed hands at prices between Rs 330 and Rs 375, which puts the company's valuation in the range of Rs 73,811 crore to Rs 83,365 crore. The planned IPO will comprise a fresh issue of Rs 3,750 crore, along with existing investors offloading stake worth up to Rs 6,950 crore.

In April, Swiggy made a confidential filing with SEBI, leveraging a new process that allows companies seeking public listing to share their financials and key performance indicators discreetly. These insights will be included in the draft red herring prospectus submitted to SEBI for final approval.