Swiggy IPO: On November 11, 2024, the listing allocation will be finalized, and by November 12, shares will be credited to investors’ demat accounts.
The massive food delivery service Swiggy is prepared to launch its first product tomorrow. Before the initial public offering (IPO), the company’s unlisted shares are selling for more on the grey market.
The IPO is priced between Rs 371 and Rs 390 per share and is scheduled to start on November 6, 2024. Issue is fetching a premium of Rs 20 on the black market.
Through the offering, the company hopes to raise Rs 11,327.43 crore. A new issue of 115,358,974 shares and an offer-for-sale (OFS) of 175,087,863 shares are part of the listing. Bids for a minimum of 38 shares and multiples of that will be available to investors.
On November 8, 2024, the subscription period for the issue will end. On November 11, 2024, the listing allocation will be finalized, and by November 12, the shares will be credited to the investors’ demat accounts.
ICICI Securities, Kotak Mahindra Capital Company, BofA Securities India, JP Morgan India, Jefferies India, Citigroup Global Markets India, and Avendus Capital are the issue’s book-running lead managers. On November 13, the listing will debut on the stock exchanges.
The company intends to invest in its subsidiary Scootsy using the money received from the public offering. Additionally, the money raised will be utilized for brand promotion, possible acquisitions, cloud infrastructure and technology upgrades, and the growth of the dark shop network for speedy commerce.
In 2014, the business made its first foray into food delivery services, and in 2020, it entered the rapid commerce market. It now provides customers the option to get food, groceries, household essentials delivered to their doorstep via its platform.
Large investors including Prosus, SoftBank, and Accel Partners support the Bengaluru-based business.