Swiggy has set the price band for its upcoming IPO at INR 371-390. At the upper end, the company will be valued at $11.3 Bn (about INR 11,700 Cr). The company is likely to file its red herring prospectus by tonight.
Swiggy’s IPO to open on Nov 6
According to Economic Times, the INR 11,300 crore IPO, one of India’s largest this year, is likely to open on November 6. It will include a INR 6,800 crore secondary sale (OFS) and INR 4,500 crore in primary capital, going directly to the company.
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Initially, Swiggy aimed for a $15 Bn IPO valuation. Last week, it was reported that Swiggy plans to lower its valuation target to $12.5-13.5 Bn due to the recent sharp fall in the Indian stock market. Earlier this month, Swiggy’s investor Invesco valued the startup at $13.3 Bn, about $2 Bn more than the current target.
Swiggy to raise INR 4,500 Cr through fresh issue of shares
Furthermore, the company got shareholder approval to increase the fresh issue size to INR 5,000 Cr from the initial INR 3,750 Cr. It filed its updated draft red herring prospectus (DRHP) in September and aims to raise INR 4,500 Cr through a fresh issue of shares and up to INR 7,226 Cr via offer for sale.
Continue Exploring: Swiggy’s $11.3 Bn IPO Opens on November 6
Additionally, the company has introduced several new services ahead of its IPO. Previously in October, it launched Swiggy Bolt, a quick-to-prepare food service, in select Indian cities. It’s also testing a high-priced concierge membership called Rare Club, offering exclusive experiences and events, available for an annual fee of INR 50,000.
Recently, the foodtech giant introduced ‘Swiggy XL EV’, a bulk order service for serving large groups.