Swiggy IPO: Swiggy Ltd is set to price its highly anticipated initial public offering (IPO) at Rs 390 at the upper end of the price band, according to sources cited in a Bloomberg report. The food delivery giant, backed by Prosus and SoftBank, will open its IPO for bidding from November 6 to 8, with the goal of raising approximately $1.35 billion (about Rs 11,700 crore). The listing is expected to mark one of India's largest IPOs this year.
According to a report by Moneycontrol, Swiggy's anchor book will be open for bids on November 5, with the IPO aiming for a valuation close to $11.3 billion. This valuation reflects robust market expectations and puts Swiggy among the top private Indian companies to debut on the public market in 2023.
Swiggy's IPO structure includes a primary issue worth about Rs 4,500 crore, alongside an offer-for-sale (OFS) component designed to meet investor demand and provide an exit route for early backers. The draft red herring prospectus previously indicated a fresh issue component of Rs 3,750 crore and an OFS of up to 182.3 million equity shares.
This offering comes on the heels of India’s record-breaking Rs 27,856 crore ($3.3 billion) Hyundai Motor India IPO earlier this month, though recent listings from other giants, including Hyundai, Paytm, and LIC, have had mixed results on the secondary market, likely adding caution for Swiggy’s potential investors.
Founded in 2014, Swiggy has grown rapidly, partnering with over 200,000 restaurants nationwide and competing with rivals such as Zomato-owned Blinkit, Zepto, and Tata-owned BigBasket in India’s fast-paced quick commerce sector. Swiggy’s main revenue sources include its core food delivery service and Instamart, its quick-commerce platform.
Leading the IPO are Citi, JP Morgan, Kotak Mahindra Capital, Jefferies, ICICI Securities, Avendus Capital, and Bofa Securities, with Cyril Amarchand Mangaldas as legal counsel. Swiggy received SEBI approval in September, leveraging India’s new confidential IPO filing process to maintain strategic privacy until finalising its listing details.
This IPO follows a wave of public offerings by India’s tech unicorns, reflecting strong investor interest in high-growth sectors. Swiggy’s main competitor, Zomato, which went public in July 2021 with an IPO of Rs 9,375 crore, has seen its stock surge over 136% in the past year, highlighting sustained market interest in food-tech platforms.