Cyril Amarchand Mangaldas is advising SoftBank-backed Indian food and grocery delivery giant Swiggy on its much-anticipated initial public offering worth $1.3 billion, with AZB & Partners and Latham & Watkins advising the bookrunning lead managers. 

Shardul Amarchand Mangaldas & Co is advising Prosus, which is Swiggy’s largest shareholder through its affiliate MIH India Food Holdings, in the offer-for-sale part of the issue.  

The company aims to raise over $1.3 billion through a combination of a fresh issuance worth $535 million and an offer for sale worth $811 million.

The BRLMs are Kotak Mahindra Capital, J.P. Morgan India, Citigroup Global Markets India, BofA Securities India, Jefferies India, ICICI Securities, and Avendus Capital. 

Prominent investors, including Norway’s sovereign wealth fund Norges and Fidelity, have reportedly placed bids worth more than $15 billion for the IPO, 25 times the $605 million portion reserved for such investors.

CAM’s team advising Swiggy was led by senior partner Yash Ashar and included partner Gokul Rajan, principal associate Rushab S. Dhandokia, and associates Harshvardhan Lahiri, Indira Satish, Adwait Deshmukh, Urmil Shah, and Lajja Mehta. 

SAM’s team advising Prosus was led by practice head Prashant Gupta and included partner Ruth Chenchiah and principal associate Sanjana Chowdhry.