Latham Advises on Swiggy’s US$1.35 Billion IPO

Latham & Watkins has advised as sole international counsel on Swiggy’s US$1.35 billion initial public offering on the Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE). Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Jefferies India Private Limited, ICICI Securities Limited, and Avendus Capital Pvt. Ltd. served as the book running lead managers for the IPO.

This transaction marks India’s second-largest initial public offering in 2024, following Hyundai Motor India’s US$3.3 billion IPO, which Latham also advised on.

The Latham team was led by Singapore partner Rajiv Gupta and Washington, D.C. partner Nicholas Boyle, with Singapore associates Esha Goel and Kay Howe Lee. Advice on U.S. tax matters was provided by Chicago partner Rene de Vera and New York partner Jiyeon Lee-Lim, with associate Shangpu (Nicholas) Sun; on 1940 Act matters by Chicago partner Laura Ferrell, with Boston counsel Joel Cavanaugh; on ERISA matters by Los Angeles partner David Taub; and on sanctions matters by Washington, D.C. partner Les Carnegie.

ABOUT SWIGGY

Swiggy is India’s pioneering on-demand convenience platform, catering to millions of consumers each month. Founded in 2014, its mission is to elevate the quality of life for the urban consumer by offering unparalleled convenience.

ABOUT LATHAM’S INDIA PRACTICE

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi award-winning practice comprises more than 50 lawyers globally, and the team has advised on India-related matters with a combined value in excess of US$100 billion since 2018.