Swiggy IPO: Issue Opens For Subscription Tomorrow, Check GMP Today

The allotment of the listing will be finalised on November 11, 2024, while shares will be credited to the investors’ demat accounts by November 12

The IPO is priced in the range of Rs 371 to Rs 390 per share.

Source : PTI

Food delivery giant Swiggy is all set to open its maiden offering for the public tomorrow. The unlisted shares of the company are trading at a premium in the grey market ahead of the initial public offering (IPO).

The IPO is set to open on November 6, 2024, and is priced in the range of Rs 371 to Rs 390 per share. The issue is commanding a premium of Rs 20 in the grey market, reported Business Standard.

The firm plans to raise Rs 11,327.43 crore through the offering. The listing includes a fresh issue of 115,358,974 shares and an offer-for-sale (OFS) of 175,087,863 shares. Investors will be able to place bids for a minimum of 38 shares and in multiples of thereafter.

The issue will close its subscription window on November 8, 2024. The allotment of the listing will be finalised on November 11, 2024, while shares will be credited to the investors’ demat accounts by November 12.

The book-running lead managers for the issue are ICICI Securities, Kotak Mahindra Capital Company, BofA Securities India, JP Morgan India, Jefferies India, Citigroup Global Markets India, and Avendus Capital. The listing will make its debut on the stock exchanges on November 13.

The company plans to utilise the funds raised from the public issue to invest in its subsidiary Scootsy. Further, the proceeds will be used towards expansion of the dark store network for quick commerce, technology and cloud infrastructure upgrades, potential acquisitions, and brand marketing.

The company initially ventured into food delivery services in 2014 and later expanded into the quick commerce sector in 2020. It now provides customers the option to get food, groceries, household essentials delivered to their doorstep via its platform.

Based out of Bengaluru, the company is backed by big investors such as Prosus, SoftBank, and Accel Partners.