CosmicTaco

Swiggy Founders Sell Shares Worth Rs 300 Cr Pre-IPO

CosmicTaco · 2024-09-30T19:31:53.380358+05:30

- Swiggy founders Sriharsha Majety and Nandan Reddy sold shares worth Rs 300 crore ($36 million) since April 2024, ahead of the company’s anticipated IPO. - Majety and Reddy established Swiggy in 2013 and currently hold 6.23% and 1.76% stakes respectively. - The share sale was done to meet the ESOPs-related tax liabilities for the founders. - Swiggy is listing as a professionally managed company, not a promoter-run company, as the founder's shareholding is below the 10% mark. - Swiggy disclosed its initial prospectus for a $1.25-billion IPO, targeting a valuation of $12-15 billion. Source: [The Arc](https://thearcweb.com/article/swiggy-founders-sriharsha-majety-nandan-reddy-ipo-sale-25TFSHO3zeCuYxUB)

Swiggy founders Sriharsha Majety and Nandan Reddy sold shares worth Rs 300 crore ($36 million) since April 2024, ahead of the company’s anticipated IPO.
Majety and Reddy established Swiggy in 2013 and currently hold 6.23% and 1.76% stakes respectively.
The share sale was done to meet the ESOPs-related tax liabilities for the founders.
Swiggy is listing as a professionally managed company, not a promoter-run company, as the founder's shareholding is below the 10% mark.
Swiggy disclosed its initial prospectus for a $1.25-billion IPO, targeting a valuation of $12-15 billion. Source: The Arc