Swiggy’s ₹11,700 Crore IPO Launching in November at ₹390/share

30 Oct 2024 , 08:38 AM

Swiggy Ltd.’s IPO is expected to open between November 6 and 8, aiming to raise up to $1.35 billion (about ₹11,700 crore), following SEBI approval granted in September.

Swiggy, supported by investors like Prosus, SoftBank, and Accel, had a valuation of $9.3 billion in August 2023 and filed its offer document through the confidential pre-filing route in April.

The company updated its draft red herring prospectus (RHP) in September and will submit a revised version to the Registrar of Companies and stock exchanges ahead of the final RHP filing.

Swiggy’s IPO structure includes an increased primary issue component of approximately ₹4,500 crore, with adjustments to the offer for sale (OFS) to align with investor interest.

The IPO proceeds are earmarked for investment in Swiggy’s subsidiary, Scootsy, expansion of dark stores for its quick-commerce services, and strengthening its tech and cloud infrastructure. Swiggy, founded in 2014 and based in Bangalore, operates in over 580 cities with more than 200,000 restaurant partners, positioning it as a direct competitor to Zomato.