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Prosus-backed foodtech giant Swiggy will reportedly file confidential papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The company will file for an IPO by next week, as per a Moneycontrol report. YourStory has reached out to the company for confirmation.

The confidential filing route was introduced by SEBI in 2022 to protect the sensitive business information of companies planning to go public through an IPO. This mechanism allows companies to keep their draft red herring prospectus (DRHP) confidential, sharing it only with SEBI and stock exchanges until they decide to make it public.

Swiggy received shareholder approval for its proposed $1.2 billion IPO on Thursday, as per reports. The Zomato rival will raise up to Rs 3,750 crore in fresh capital. Swiggy’s investors and other shareholders intend to sell shares worth Rs 6,664 crore as part of the offer-for-sale component.

Prosus is a majority shareholder in Swiggy with 31.7% shareholding in the company, followed by SoftBank at 8% and Accel Partners at 6%. According to Tracxn, the founders own 6.7% shares in the company.

In April, the foodtech firm transitioned to a public entity, Swiggy Limited, as part of its preparations for an upcoming IPO. A month earlier, Swiggy investor Baron Capital boosted the company’s valuation by approximately 13% to $12.1 billion, compared with $10.7 billion during its previous fundraising round in 2022.