Swiggy IPO: ₹11,327 crore IPO set to open on November 6 (Groww)

Summary

Groww article on the Swiggy IPO, a ₹11,327 crore issue set to open November 6, 2024 and close November 8, 2024, with a price band of ₹371-₹390 per share and a listing date of November 13, 2024. The book-built issue includes fresh equity shares amounting to ₹4,499 crore and an offer-for-sale component of 17.51 crore shares worth ₹6,828.43 crore. The company has set aside 75% of shares for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors. Fresh-issue funds are planned for investment in Scootsy, including ₹755.4 crore for new dark stores and ₹703.4 crore for technology and cloud infrastructure.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Swiggy IPO: ₹11,327 crore IPO set to open on November 6

Swiggy, a leading company in the food and grocery delivery space, is gearing up to make its stock market debut through its initial public offering (IPO). The company’s IPO will open for subscription on November 6, 2024, and close on November 8, 2024.

Swiggy IPO Key Details:

Issue Opening Date : November 6, 2024

Issue Closing Date : November 8, 2024

Price Band : ₹371-₹390 per share

Allotment Date : November 11, 2024

Credit to Demat Account : November 12, 2024

Initiation of Refund : November 12, 2024

Listing Date : November 13, 2024

The ₹11,327 crore IPO is a book-built issue that includes the issuance of fresh equity shares amounting to ₹4,499 crore. The issue also has an offer-for-sale (OFS) component of 17.51 crore shares worth ₹6,828.43 crore.

The company has set aside 75% of the total number of shares on offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.

Investors including Accel India IV (Mauritius), Inspired Elite Investments, Apoletto Asia, Alpha Wave Ventures, Coatue PE Asia XI, DST EuroAsia V, Elevation Capital V, Tencent Cloud Europe, MIH India Food Holdings, and Norwest Venture Partners VII-A Mauritius will be offloading their stakes through the OFS route.

Swiggy IPO: Utilisation of Proceeds

According to Swiggy’s red herring prospectus (RHP) filed with the Securities and Exchange Board of India (SEBI), the company plans to use the funds from the fresh equity issue to increase its investment in its material subsidiary, Scootsy. The funds will be utilised for repayment of certain borrowings along with expanding the company’s network of dark stores.

The company intends to invest ₹755.4 crore to set up new dark stores as part of its endeavour to expand its dark store network for the quick commerce segment and ₹423.3 crore for making lease / licence payments for these dark stores. Swiggy also stated that ₹703.4 crore will be used for enhancing the company’s technology and cloud infrastructure. Additionally, some of the funds will be utilised for brand marketing, business promotion, and fuelling inorganic growth.

About Swiggy

Swiggy is a giant in the food and grocery delivery segment in India. The company started its food delivery business in 2014 and entered into the quick commerce space in 2020. In addition to delivering food and grocery items, Swiggy also allows customers to send parcels through its Swiggy Genie feature. Moreover, customers can also make dinner reservations or event bookings through Dineout and SteppinOut, respectively.

For the quarter ended June 30, 2024, Swiggy reported a consolidated gross revenue of ₹3,477 crore.

Disclaimer : This news is solely for educational purposes. The securities/investments quoted here are not recommendatory.

To read the RA disclaimer, please click here

File and source

File

swiggy-ipo-set-to-open-on-november-6_491620f183f5c830.html

Size

142,533 bytes

SHA-256

cb896df9757a989d6986ba886a3732d642307a9bd4b75cf0a059a0539ea1d717

Our copy

swiggy-ipo-set-to-open-on-november-6_491620f183f5c830.html

Original

groww.in