Swiggy's IPO Set to Launch, Expected to Raise Rs 11,327.4 Cr

Swiggy, one of India’s prominent food delivery and quick commerce platforms, has released its red herring prospectus, confirming the dates for its much-anticipated IPO. Scheduled to open on November 6 and close on November 8, the IPO includes a fresh issue worth Rs 4,499 crore, along with an offer for sale of 17.5 crore shares, as reported in the media.

The fresh issue size for Swiggy’s IPO has been revised to Rs 4,499 crore, an increase from the previously proposed Rs 3,750 crore, yet still within the board-approved limit of Rs 5,000 crore. The offer-for-sale component has been adjusted to 17.5 crore shares, reduced by 1 crore from the earlier proposal of 18.5 crore shares. Expected to be priced between Rs 371 and Rs 390 per share, Swiggy aims to raise approximately Rs 11,327.4 crore if the upper price band is achieved.

According to the filing, Swiggy's valuation at the higher end of the price range would reach Rs 87,299 crore ($10.38 billion), reflecting a minor reduction from its previous valuation target of $11.2 billion. Swiggy's latest financial report, included in the filing, shows that revenue for Q1 FY25 reached Rs 3,222.2 crore, up from Rs 2,389.8 crore year-over-year. However, the company reported a higher loss of Rs 611 crore after tax, compared to Rs 564.1 crore in the previous year.

Swiggy plans to allocate funds from the IPO towards its subsidiary, Scootsy, expand its dark store network supporting quick commerce, and enhance technology and cloud infrastructure. This IPO is set to be one of India’s largest, joining recent significant listings like that of Hyundai Motor.

Founded in 2014 and headquartered in Bangalore, Swiggy currently operates across over 580 cities, partnering with more than 200,000 restaurants throughout India.