Big news has come regarding the IPO of Prosus and Softbank-backed top food and grocery delivery platform Swiggy. According to the news of Moneycontrol, the approval of IPO has been received from market regulator SEBI. Swiggy has made confidential filing of draft papers to launch the IPO. People associated with this matter have informed Moneycontrol on the condition of anonymity that with this proposal, it will join its listed rival Zomato.

According to a report by Moneycontrol, "Under the confidential filing route, following this approval, two updated DRHPs (draft red herring prospectuses) will be filed, one of which will respond to SEBI's comments and the other will seek public comments for 21 days. Only after that the RHP (red herring prospectus) will be filed and the IPO launch will be planned. Final decision not taken According to the report, "Based on the current timeline, although no final decision has been taken, it is believed that the Swiggy issue could be launched in November. Discussions with anchor investors will now begin." Swiggy could not be reached for immediate comment. This article will be updated as soon as the firm responds to our email query. SEBI has introduced the concept of confidential filing in November 2022. Common in the US market, under this route, Swiggy is allowed to keep its offer document private in the pre-filing route until it firmed up its IPO plan. Direct-to-home platform, Tata Play (formerly Tata Sky), was the first firm to file confidential papers with SEBI for an IPO. It later dropped its listing plans.