Swiggy IPO may launch for public subscription between November 6 to 8, see other details: Report

Swiggy may launch its Initial Public Offering (IPO) for public subscription between November 6 to 8 with the anchor book portion scheduled for November 5

Published on: Oct 27, 2024, 08:19:20 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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Swiggy may launch its Initial Public Offering (IPO) for public subscription between November 6 to November 8 with the anchor book portion scheduled for November 5, Moneycontrol reported, citing multiple unnamed sources. HT couldn't independently verify the information.

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Swiggy is targeting a $11.3 billion IPO valuation at the upper end of the price band and the primary component of the issue has been upsized to about ₹4,500 crore, according to the report, which added that the combined IPO size may be between ₹11,700 crore to ₹11,800 crore.

The updated draft red herring prospectus - I says that the IPO has a fresh issue component of ₹3,750 crore and an offer for sale (OFS) of up to 182,286,265 equity shares.

Swiggy's primary rival is Zomato and these two together almost hold a duopoly in the food delivery business. Zomato is already listed, having gone for a ₹9,375 crore IPO with its shares lately soaring as much as 136.68% in the last year, the report read.

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When it comes to quick commerce, Swiggy's Instamart competes with Zomato's Blinkit, Zepto, and Tata's BigBasket.

However, Zomato is also looking to raise funds, but through the Qualified Institutional Placement (QIP) route.

Currently, Prosus (32%), SoftBank (8%) and Accel (6%) are the key investors in Swiggy while Elevation Capital, DST Global, Norwest, Tencent, Qatar Investment Authority (QIA), and Singapore’s GIC, among multiple others are also shareholders.

Swiggy filed its IPO documents through the confidential filing route on September 24, which is a concept allowing companies to keep the offer document private until it firms up on its IPO plan.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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