Swiggy's IPO Plan: Company Sets Price Band At Rs 371-390 Per Share

Food delivery platform Swiggy Ltd has announced its much-anticipated initial public offering (IPO), setting a share price range of Rs 371-Rs 390. The subscription window opens on November 6 and closes on November 8, 2024, says a report by MoneyControl.

The IPO combines a fresh issue worth Rs 4,499 crore with an offer-for-sale (OFS) of 17.5 crore shares from existing investors. At the upper price band, the OFS component is valued at Rs 6,828 crore, bringing the total issue size to Rs 11,327.43 crore. This positions Swiggy's market capitalisation at approximately Rs 87,299 crore.

One Of The Largest Public Offerings In India's Tech Sector

This IPO represents one of the largest public offerings in India's technology sector, with Softbank-backed Swiggy's valuation expected to reach $11.3 billion at the upper price band.

Major global investors participating in the OFS include industry giants Accel India, Tencent Cloud Europe, and Coatue PE Asia. Other selling shareholders include Apoletto Asia, Alpha Wave Ventures, DST EuroAsia, Elevation Capital, Inspired Elite Investments, MIH India Food Holdings, and Norwest Venture Partners.

In a notable revision to its initial plans, Bengaluru-based Swiggy has expanded its fresh issue size from Rs 3,750 crore while reducing the OFS portion from the originally planned 18.5 crore shares.

Important Dates For Investors

• Anchor Book Opening: November 5
• Subscription Period: November 6-8
• Allotment Date: November 11
• Share Credit: November 12
• Trading Debut: November 13