SoftBank-backed Swiggy reveals key details of its ₹11,000 crore IPO

SoftBank-backed food delivery firm Swiggy will open its initial public offering for its online business on Wednesday, 6 November 2024 for subscription. It would thus mop up up to ₹11,327.43 crores at the upper end. The company intends raising money through a fresh issue of as many as 115.36 million equity shares that carries a face value of Re 1. More so, it will issue some 175.09 million equity shares through the same issue.

The anchor investors will place their bids on Tuesday, November 5, 2024, as per Swiggy's Red Herring Prospectus.

Swiggy IPO is being priced in a band of ₹371-390 per share. The minimum lot size is 38 shares. Retail investors have to apply for at least one lot of 38 shares. Employees have a reserved portion of up to 750,000 shares at a ₹25 discount to the issue price.

The subscription will remain open until November 8, 2024, with allotment expected by November 11, 2024. Shares should be credited to successful bidders' demat accounts by November 12, 2024, ahead of Swiggy's listing on the BSE and NSE on November 13, 2024.

Link Intime India is the registrar for IPO, while the lead book managers are JP Morgan India, BofA Securities India, Jefferies India, Kotak Mahindra Capital Company, Citigroup Global Markets India, Avendus Capital, and ICICI Securities.

Swiggy would use the new issuance proceeds to fund its subsidiary Scootsy, settle some of the debt, and expand its Dark Store network to support its quick commerce. The remaining amount would go towards technology and cloud infrastructure, brand marketing, and acquisition.

Read more about Swiggy IPO 2024: Key Details, Growth Prospects, and Investment Highlights

Swiggy is the leading platform for food and essentials deliveries, founded in 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, having its headquarters in Bengaluru. The company is supported by some of the world's biggest investors such as SoftBank, Prosus, and Accel Partners and has operations in over 500 Indian cities.