Swiggy’s much-anticipated Initial Public Offering (IPO) kicked off on November 6, 2024, with strong participation from anchor investors, raising ₹5,085.02 crore. The company is offering a total of ₹11,327.43 crore through the IPO, which includes a fresh issue of ₹4,499 crore and an offer for sale (OFS) of ₹6,828 crore.
The Swiggy IPO, priced between ₹371-₹390, offers a minimum lot size of 38 shares, requiring an investment of ₹14,820.
Swiggy, valued at $10.7 billion, plans to expand its logistics arm, Scootsy, and grow its dark store network. Other investments will focus on technology, cloud infrastructure, and brand promotion.
The IPO has attracted considerable interest, with a grey market premium (GMP) of ₹11 as of its opening day. Notably, Swiggy’s IPO follows the footsteps of rival Zomato, making it the second food delivery company to list on Indian stock exchanges.
The offer will be closely watched as it represents one of the year’s largest stock offerings, second only to Hyundai Motor India’s ₹27,870 crore IPO. Investors are hopeful that Swiggy’s established brand and aggressive growth plans will drive its market debut successfully.
Swiggy aims for listing by November 13, 2024.
