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19 Nov 2024
Food and grocery delivery giant Swiggy is expected to launch its highly anticipated initial public offering (IPO) between November 6 and November 8, with the anchor book opening on November 5, according to several industry sources. The IPO targets a valuation of approximately $11.3 billion (₹11,700 crore), backed by a fresh issue size increased to ₹4,500 crore.
Multiple sources have confirmed the timeline and the valuation range, noting that Swiggy’s IPO comprises both a primary issue and an offer for sale (OFS), which will be adjusted based on investor interest. Key investors such as Prosus (32%), SoftBank (8%), and Accel (6%) are expected to play significant roles in the offering, alongside stakeholders including Tencent, Qatar Investment Authority, Singapore’s GIC, and more.
Swiggy's recent filings with SEBI indicate a planned fresh issue component of ₹3,750 crore, with an OFS of 182.3 million shares. The move to upsize the primary issue aligns with SEBI’s allowance for an increase of up to 20% in the initial filing.
Swiggy's IPO is seen as a major development in India’s public market, following the recent record-setting Hyundai India IPO of ₹27,856 crore. Zomato, Swiggy’s main rival, also went public in 2021 with an IPO worth ₹9,375 crore, witnessing significant appreciation in stock price since its debut.
The Swiggy IPO will be handled by a consortium of investment banks, including Citi, JP Morgan, Kotak Mahindra Capital, Jefferies, and others, while Cyril Amarchand Mangaldas serves as the company’s legal counsel.
Swiggy’s confidential IPO filing, permitted under SEBI’s November 2022 guidelines, allows issuers to protect sensitive company information until their plans are finalized. Tata Play was the first company to utilize this confidential route.
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