Inside Swiggy’s landmark IPO: General Counsel Avantika Bajaj on navigating SEBI’s confidential route

Explaining the counsel selection strategy, Bajaj noted that expertise and prior experience with technology IPOs were key factors.

“Firms that had worked on IPOs for companies like Nykaa and Delhivery stood out. We ultimately chose Cyril Amarchand Mangaldas (CAM) as company counsel, AZB for the bankers, and IndusLaw as a common advisor to all other selling shareholders. On the international side, Latham & Watkins was an easy choice. I’ve since recommended them to others as well,” she said.

Bajaj added that Swiggy opted for a single international counsel for both the company and the bankers to ensure cost efficiency and coordination. While Indian counsel focused on compliance and statutory disclosures in the draft red herring prospectus (DRHP), Latham & Watkins handled business and risk disclosure sections, bringing an international investor perspective.

“Indian counsel understand SEBI’s expectations better, while foreign counsel bring a global investor lens. Both had distinct strengths, and their ownership and collaboration were strong throughout,” she said.