- Price Band fixed at ₹371 per equity share to ₹390 per equity share of the face value of ₹ 1 each
- Anchor Investor Bidding Date – Tuesday, November 05, 2024
- Bid /Offer Closing Date – Friday, November 08, 2024
- Bids can be made for a minimum of 38 Equity Shares and in multiples of 38 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, NOV 1
Bengaluru-based food and grocery delivery giant Swiggy Limited on Thursday announced it is set to raise ₹11,300 crore through its initial public offering (IPO), which will open for public subscription on November 6. The price band of the upcoming IPO is priced in the range of ₹371 to ₹390 each. Bid/ Offer Closing Date will be Friday, November 08, 2024. Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, Tuesday, November 05, 2024.
Bids can be made for a minimum of 38 Equity Shares and in multiples of 38 Equity Shares thereafter.
It is among the most highly valued new-age consumer brands entering the Indian capital market. The ₹11,300 crore IPO consists of a fresh issue of shares worth ₹4,500 crore and an offer for sale (OFS) of up to 175,087,863 equity shares by the Selling Shareholders amounting to ₹6,800 crore.
In the OFS, the selling shareholders are Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V B.V, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings B.V, Norwest Venture Partners VIIA-Mauritius, and Tencent Cloud Europe B.V.
Swiggy IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors. Employees are reserved up to 750,000 equity shares. A discount of ₹25 apiece is being offered to the eligible employees.
Swiggy is an innovative technology company focused on consumers, offering a convenient platform that can be accessed through a single app to explore, choose, order, and pay for food (Food Delivery), groceries, and household products (Instamart), with delivery to their doorstep via our network of on-demand delivery partners. The platform enables you to make restaurant reservations (Dineout) and book events (SteppinOut), as well as utilise product pick-up/drop-off services (Genie) and engage in various hyperlocal commerce activities (including Swiggy Minis, among others).
On utilization of the IPO funds, Sriharsha Majety, MD & Group CEO, Swiggy Limited, sais, “₹137.41 crore from the fresh issue will be used to pay off debts for the subsidiary Scootsy. Additionally, ₹982.40 crore will be invested in expanding Scootsy’s Dark Store network in the quick commerce sector, with ₹559.10 crore earmarked for establishing dark stores and ₹423.30 crore for lease or license payments. We also plan to allocate ₹586.20 crore for technology and cloud infrastructure, ₹929.50 crore for brand marketing and business promotion, and funds will be directed towards inorganic growth and general corporate purposes.”
Its revenue climbed by 34% between March 2023 and March 2024. Meanwhile, its loss narrowed from ₹4,179.31 crore to ₹2,350.24 crore in the same period.
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on BSE Limited and National Stock Exchange of India Limited).
Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Jefferies India Private Limited, ICICI Securities Limited and Avendus Capital Private Limited are the book running lead managers to the Offer.
