IPO details
Swiggy IPO Date: The Initial Public Offering (IPO) of Swiggy, the leading company in the food delivery sector, will open to investors this month. Investors have been eagerly waiting for Swiggy’s IPO for a long time and now, after getting approval from Indian market regulator SEBI, the company has shared information about the date and price range of its IPO.
According to media reports, Swiggy’s IPO will open on November 6, 2024 and close on November 8, 2024. The price band has been set between Rs 371 and Rs 390 per share. However, Swiggy is yet to officially confirm this information. Swiggy plans to raise Rs 11,300 crore through the IPO, which includes a fresh issue of Rs 4,500 crore and an offer for sale (OFS) of Rs 6,800 crore.
This is how the company will use the IPO money
Swiggy had filed the drafts using the confidential pre-filing route, and it is now also clear from the IPO documents where the company will use the funds. Swiggy will invest a significant part of the amount raised in this IPO to pay off the debt of its subsidiary Scooty. Apart from this, it will also invest in expanding Scooty’s dark store network and the company’s cloud technology and infrastructure.
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Of the IPO amount, Rs 586.20 crore will be spent on cloud technology and infrastructure, while Rs 929.50 crore will go towards brand marketing and business promotion. Utilization of this amount will help the company strengthen its position in the Indian market and maintain its competitive advantage.
This food company is so big.
According to global startup data platform Traxon, Swiggy’s current valuation has reached $13 billion. The company’s annual revenue is close to $1.09 billion, indicating that Swiggy’s position in the food delivery space is quite strong. The proceeds from the IPO will help Swiggy in its growth plans, especially dark store expansion and debt reduction.
