Founded in 2014, Swiggy provides its users with an easy-to-use platform that they can access via a single app to search, select, order, and pay for food, grocery and household goods. 
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Founded in 2014, Swiggy provides its users with an easy-to-use platform that they can access via a single app to search, select, order, and pay for food, grocery and household goods. The initial public offering (IPO) of Swiggy shall open for bidding on Wednesday, November 6 and can be subscribed until Friday, November 8. The food platform to quick-commerce company has officially fixed its price band in the range of Rs 371-390 apiece. Investors can apply for a minimum of 38 equity shares and its multiples thereafter.
Founded in 2014, Swiggy provides its users with an easy-to-use platform that they can access via a single app to search, select, order, and pay for food (food delivery), grocery and household goods (Instamart) and have orders delivered to their homes via an on-demand delivery partner network.
The IPO of Swiggy includes a fresh share sale of Rs 4,499 crore and an offer-for-sale (OFS) of up to 17,50,87,863 equity shares by its existing selling shareholders amounting to Rs 6,828.42 crore. At the upper end of the price band, Swiggy is looking to raise a total of Rs 11,327.42 crore via its IPO. Anchor book for the issue shall open on Tuesday, November 5.
Investors participating in OFS includes names like Accel India IV, Apoletto Asia, Alpha Wave Ventures, Coatue PE Asia XI, DST EuroAsia V, Elevation Capital V, Inspired Elite Investments, MIH India Food Holdings, Norwest Venture Partners, Tencent Cloud Europe and more.
Net proceeds from the issue shall be utilized towards investment in the Material Subsidiary, Scootsy; for repayment or pre-payment of certain borrowings; making lease/license payments for dark Stores; investment in technology and cloud infrastructure; brand marketing; and business promotion expenses; funding inorganic growth and general corporate purposes.
As of June 30, 2024, Swiggy carried a selection of approximately 19,000 SKUs of grocery and household items. Swiggy's Instamart operated a large network of 557 Active Dark Stores across 32 cities in India as of June 30, 2024 and Instamart operated a network of 605 Active Dark Stores across 43 cities in India as of September 10, 2024.
Swiggy's platform enables restaurant reservations (Dineout) and event bookings (SteppinOut), product pickups/deliveries (Genie) and other hyperlocal commerce activities (Swiggy Minis and others). The company also offers a membership program called 'Swiggy One' with discounts and offers, in-app payment solutions such as a digital wallet and a Swiggy-HDFC Bank credit card.
For the quarter ended on June 30, 2024, Swiggy reported a net loss of Rs 611.101 crore, with a revenue of Rs 3,310.11 crore. The company clocked in a net loss of Rs 2,350.24 crore with a revenue of Rs 11,634.35 crore for the financial year ended on March 31, 2024. Swiggy's total market capitalization shall be around Rs 87,300 crore.
Swiggy has reserved 7,50,000 equity shares worth Rs 29.25 crore for the eligible employees of the company. It has reserved 75 per cent of the net for the qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of the net offer. Remaining 10 per cent of the net offer shall be allocated towards the retail investors.
Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, Bofa Securities India and ICICI Securities are the book running lead managers of the Swiggy IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with November 13 as the tentative date of listing.
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