The primary market is gearing up for a busy week, with Swiggy leading a lineup of much-anticipated IPOs. Investors will have plenty to consider as the food delivery giant opens its share sale on November 6, alongside offerings from Acme Solar Holdings, Sagility India, and Niva Bupa Healthcare.
Swiggy’s IPO is priced between ₹371-390 per share and comes in at a reduced valuation of $11.3 billion, a strategic move attributed to market volatility and underwhelming debuts from other major players like Hyundai India. The company will raise ₹4,499 crore through fresh equity, with 17.5 crore shares available through an offer-for-sale. Funds will be channeled into subsidiary Scootsy, technology upgrades, cloud infrastructure, and brand marketing over the next five years. Notable backers like BlackRock and Canada Pension Plan Investment Board are set to participate, making this the second-largest IPO in India this year.
Acme Solar Holdings will also launch on November 5, with shares available at ₹275-389 each. The ₹2,900 crore IPO combines ₹2,395 crore in fresh equity with a ₹505 crore offer-for-sale. The renewable energy firm, which specializes in green technologies like ammonia production, plans to use the proceeds for debt repayment and general corporate purposes.
Sagility India, a healthcare services provider, is eyeing a ₹2,107 crore IPO, set to open on November 5 with a price band of ₹28-30 per share. Unlike Swiggy, this offering is purely an offer-for-sale, with all proceeds going to promoter Sagility B.V., an affiliate of EQT Private Capital Asia. Sagility B.V. will trim its shareholding by 15%, retaining 85% after the issue.
Niva Bupa Healthcare rounds out the week, opening for bids on November 7. The health insurer’s IPO includes an ₹800 crore fresh equity sale and a ₹1,400 crore offer-for-sale by Bupa Singapore Holdings and Fettle Tone. Proceeds will boost the company’s capital base and improve solvency levels.
With 26 companies waiting in the wings for Securities and Exchange Board of India (SEBI) approval to raise ₹72,000 crore, and another 55 seeking to raise ₹89,000 crore, the IPO frenzy shows no signs of slowing down.