SEBI Approves India's Largest and 5th Largest IPOs: Hyundai and Swiggy Set to Launch

India's biggest initial public offer is about to hit the market, as the Securities and Exchange Board of India has given the go-ahead to Hyundai Motor's Rs 25,000-crore offer of sale draft red herring prospectus.

The company plans to launch this anticipated IPO in October, following several other public offerings that have entered the market.

After getting the green light from SEBI, Swiggy, a food and grocery delivery service, plans to increase its IPO size to $1.4 billion (about Rs 11,700 crore). This move will make it the fifth-largest issue in the country.

This offering will be the second-biggest startup IPO after Paytm.

Swiggy, having received approval from SEBI, intends to boost its IPO size to $1.4 billion (roughly Rs 11,700 crore) positioning it as the fifth-largest issue in India.

The Bengaluru-based startup, which submitted draft IPO documents to the markets regulator through the confidential route in April, has gotten Sebi's feedback and plans to start roadshows in the coming days to take advantage of the stock market surge, sources informed TOI.

Meanwhile, Swiggy will have to file an updated draft red herring prospectus with SEBI and a shareholder meeting is planned in the first week of October to increase the size of the offer. The source said Swiggy's IPO will be bigger than the Rs 9,375-crore valuation of arch-rival Zomato, which debuted in 2021.

Swiggy, backed by Prosus and SoftBank, will join startups such as Ola Electric and FirstCry which went public this year as the local IPO market grows rapidly. With various companies, Many are preparing to be registered. With the US Fed rate cut, overseas flows are expected to increase at a time when the Indian economy remains strong amid the global slowdown.

Although the duration of the issue is unknown, Diwali appears to be the best time for public offerings in India. With ten firms raising over Rs 17,047 crore in August, it was the busiest IPO period since May 2022. From investors, since launch, This led to a new era of IPO craze during the period, Paytm and Nykaa listed here.

In its annual report shared with investors earlier this month, Swiggy said it had reduced its consolidated loss to Rs 2,350 crore in FY2023 from Rs 4,179 crore in FY23, increasing operating income. It rose to Rs 11,247 crore during the year from Rs 8,264.6 crore in FY2023, registering a year-on-year growth of nearly 36%.