Swiggy’s initial public offering will open for anchor investment on Tuesday, November 5, with bidding from retail and institutional investors to start from November 6.
The quick commerce and food delivery player has fixed the price band at Rs 371 – Rs 390 per equity share, and bids can be made for a minimum of 38 equity shares and in multiples of 38 equity shares.
Its book building process will close on Friday, November 8. It is seeking a valuation of Rs 87,000 crore, or $11.3 billion, at the upper limit of the price band and plans to list on domestic bourses on Monday, November 13, 2024.
Swiggy is looking to raise Rs 4,499 crore through the fresh issue of shares, including Rs 27 crore reserved for employees in the upper price band through 750,000 shares offered at a Rs 25 discount to the issue price.
The OFS segment will see existing shareholders, including promoters, tendering around 175 million shares. Key investors including early backers like Accel and Elevation Capital will see compounded returns on their investments.
Accel, which will be tendering 10.5 million shares in the OFS, will see a return of 3,391% based on the upper band of the IPO price band. It is likely to take home Rs 412 crore through this sale. Prosus, one of its largest stakeholders, is seeing a gain of 197% and is expected to take home a whopping Rs 4,255 crore in the process as it tenders 109 million shares.
