(Bloomberg) -- Indian food-delivery platform Swiggy Ltd. filed documents for an initial public offering in what is expected to be one of the nation’s biggest this year.
Swiggy plans to sell 37.5 billion rupees ($448 million) of new shares, while its shareholders including funds affiliated to Naspers Ltd. and Norwest Venture Partners will sell as many as 185.3 million shares, according to its updated draft red herring prospectus. Nasper Ltd.’s MIH India Food Holdings BV has offered to sell as many as 118.2 million shares.
Founded in 2014, Swiggy partners with more than 150,000 restaurants across India to help deliver food in the world’s most populous nation, according to its website. It competes with companies including Zomato Ltd., e-commerce giant Amazon.com Inc.’s India unit and conglomerate Tata Group’s BigBasket.
READ: SoftBank-Backed Swiggy Said to Eye India IPO Filing This Week
Swiggy’s plan follows NTPC Green Energy Ltd.’s $1.2 billion filing last week for an initial share sale and underscores demand for bigger deals in the world’s busiest market for listings. About $9 billion has been raised via IPOs in the South Asian nation this year, according to data compiled by Bloomberg.
Swiggy is seeking to raise funds for investment in its unit Scootsy and expand its quick commerce business. It will also use funds for investment in technology and cloud infrastructure, according to the document.
Kotak Mahindra Capital Co. Ltd., Citigroup Global Markets India Pvt., Jefferies India Pvt. and Avendus Capital Pvt. are managing the share sale.
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