Swiggy Ltd is believed to have set the price of its upcoming mega initial public offering (IPO) at Rs 390 at the upper end of the band, Bloomberg reported citing sources. The food delivery platform, backed by Prosus and SoftBank, plans to open its IPO for bids from November 6-8, aiming to raise as much as $1.35 billion (about Rs 11,700 crore), the report added.
Swiggy’s much-anticipated IPO is expected to launch in early November, with reports suggesting a likely opening for public subscription on November 6 and closure by November 8.
The food delivery platform aims to raise around Rs 11,300 crore through the issue, which will include an offer for sale (OFS) valued at Rs 6,800 crore and a fresh equity issuance of Rs 4,500 crore.
Swiggy's valuation for the IPO is pegged at $11.2 billion, marking a 25% reduction from its original target of $15 billion due to volatile market conditions and the lukewarm IPO reception for Hyundai’s India arm, according to reports.
The company intends to channel the funds raised into technology, cloud infrastructure, and expanding its presence through its subsidiary, Scootsy, as well as branding and business promotion over the next four to five years.
Additionally, BlackRock and the Canada Pension Plan Investment Board (CPPIB) are reportedly among the major investors expected to participate, making Swiggy’s IPO one of the largest public issues of the year.
The IPO process received SEBI approval on September 24, following Swiggy's confidential filing earlier this year. Under SEBI's confidential filing route, the company submitted two drafts for review, one in response to SEBI’s comments and another open to public scrutiny for 21 days.
This regulatory route, introduced in 2022, permits companies to keep initial filing details private, minimizing competitive exposure. Swiggy’s public debut follows the path of direct-to-home player Tata Play, which had also pursued confidential filings before shelving its IPO plans.