Swiggy to offer shares at Rs 371-390

MUMBAI: Swiggy has set a price band of Rs 371-390 for its upcoming Rs 11,327 crore (about $1.4 billion) IPO which will be launched on Nov 6, sources told TOI. The issue, which is likely to be priced at the upper end of the band, will value the company at $11.3 billion.
Swiggy will raise Rs 4,499 crore through a fresh issuance of shares, while the offer for sale component will amount to Rs 6,828 crore. Swiggy’s largest shareholder Prosus, as well as other investors including Accel and Elevation Capital, are selling a portion of their stakes in the IPO. SoftBank is not selling any shares. It competes with Zomato in the food delivery and quick commerce segments, and had last raised $700 million from investors in Jan 2022 at a valuation of $10.7 billion.