Swiggy IPO sees strong investor demand

31 Oct 2024 , 01:46 PM

With significant interest from both local and international investors in the food and grocery delivery giant’s anchor book, Swiggy’s Rs 11,300 crore IPO is off to a promising start.

International investment firms Fidelity, Capital Group, and Norges Bank Investment Management are among the prominent investors competing for a share of the IPO.

According to news reports, the anchor book, which was established at $600 million, received bids totalling $14 billion, resulting in a 25-fold oversubscription.

The anchor book bids highlight the expanding potential of Swiggy’s long-term expansion goals as well as its rapidly expanding instant commerce company, Instamart.

In an interview with ET on Wednesday, Sriharsha Majety, CEO of Swiggy Group, stated that the company’s food delivery industry may not be as large as rapid commerce. On November 5, the anchor book will open.

Swiggy submitted its red herring prospectus for its Rs 11,300 crore IPO to the Securities and Exchange Board of India (Sebi) on Tuesday.

According to the announcement on Wednesday, Swiggy will offer shares at a price range of Rs 371-390.

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