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Food delivery company Swiggy is set to increase the size of its initial public offering (IPO) by raising additional capital through a fresh issue of shares.

According to an internal set of documents, the company will make an issue of fresh shares worth Rs 5,000 crore (about $600 million), an increase of Rs 1,250 crore or $150 million from its earlier plans to raise Rs 3,750 crore (around $450 million).

Entracker was the first to report the development.

YourStory had earlier reported that Swiggy is likely to file its draft red herring prospectus with India’s markets regulator by as early as the first week of September, marking the second-largest IPO of a venture capital-backed company in the country.

Two people aware of the matter had told YourStory that the food delivery and quick commerce platform had plans to raise $1.28 billion (Rs 10,400 crore) through the IPO.

“Things are moving to DRHP phase and it should be filed by the first week of September. Once it’s filed, we are looking at a two-month timeline for SEBI clearance, unless they (SEBI) wants something more,” said one of the two people quoted above, requesting anonymity.

Swiggy had filed papers confidentially with SEBI in April 2024 after getting shareholder approval for its $1.28 billion IPO.

The company will hold an Extraordinary General Meeting (EGM) on October 3, 2024. If the board approves the proposal, the total IPO size will be $1.4 billion.