Swiggy has set the price for its highly anticipated Initial Public Offering (IPO) at Rs 390 per share, marking the upper limit of its pricing band, according to sources. Backed by prominent investors like Prosus and SoftBank, Swiggy’s IPO will open for bids from 6th November to 8th November, 2024 with a goal of raising up to $1.35 billion (about Rs 11,700 crore).
Reportedly, subscription window for Swiggy’s IPO will run during these dates, with an anchor investor portion scheduled for 5th November, 2024. Swiggy is pursuing a valuation of approximately $11.3 billion at the top of its price band, making it one of the largest IPOs by a private Indian company this year.
The IPO comprises a substantial primary issue of around Rs 4,500 crore, alongside an adjusted Offer-For-Sale (OFS) component, designed to facilitate investor exits. Swiggy initially outlined a fresh issue component of Rs 3,750 crore and an OFS of up to 182.3 million shares in its draft prospectus, which was approved by the Securities and Exchange Board of India (SEBI) in September under India’s confidential IPO filing process.
If successful, Swiggy’s public debut will position it among India’s major listings, alongside recent IPOs from Hyundai Motor India and Paytm. However, challenging market debuts by some recent big-name IPOs may temper investor expectations.
The IPO is being led by Citi, JP Morgan, Kotak Mahindra Capital, Jefferies, ICICI Securities, Avendus Capital and Bofa Securities, with legal counsel from Cyril Amarchand Mangaldas.