Swiggy IPO: The initial public offering (IPO) of Swiggy, a food delivery company that accepts online orders, will open today, Wednesday. The company wants a valuation of about $11.3 billion under the IPO. The Bengaluru-based company wants to raise Rs 11,327 crore from the IPO, which includes issuance of new shares worth Rs 4,499 crore and OFS worth Rs 6,828 crore. Swiggy has set the price band of Rs 371 to Rs 390 per share for the IPO. This issue will close on November 8. The company has raised around Rs 5,085 crore in the anchor round. On Wednesday morning, the company’s shares were trading at a premium of Rs 12 to the issue price of Rs 390 in the gray market.
Valuation of Rs 95,000 crore.
Commenting on the valuation, Rohit Kapoor, CEO of Swiggy Food Marketplace, said: “We believe we have priced it right and are looking forward to it in the coming days.” approximately 95,000 million rupees). Its rival Zomato, which listed in July 2021, has a market valuation of Rs 2.13 lakh crore. “Our valuation is in the range of Rs 371 to Rs 390 per share, which is equivalent to about $11.3 billion,” Kapoor said in an interview.
Has the rating been reduced?
When asked about media reports about reduction in Swiggy’s valuation, Kapoor clarified that there has not been any reduction in valuation as the actual value of the company is determined when the transaction actually takes place. “There’s all this speculation in the media about the price,” he said. So the fact of the matter is that the price has neither increased nor decreased. The value is exactly where it should be. I just want to be clear that there has been no reduction in valuations. There was a search process and we finally decided on a value that we collectively felt very good about.”
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