Foodtech giant Swiggy raised INR 5,085 Cr on Tuesday, November 5, from anchor investors at INR 390 per share, ahead of its IPO. The company issued 13.03 Cr shares to 75 anchor investors, including Fidelity, HSBC India, Invesco India, Whiteoak Capital, and Societe Generale.
Swiggy’s IPO starts today and ends on August 8
In its November 5, 2024 meeting, the company’s IPO Committee finalised the allocation of 13,03,85,211 equity shares with a face value of INR 1 each to anchor investors at INR 390 per share, according to its filing with the Bombay Stock Exchange (BSE).
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According to Swiggy, 19 domestic mutual funds applied for the anchor round through 69 schemes, making up 40.65% (5.3 Cr shares) of the total anchor allocation. Swiggy’s public issue opens today and will close on August 8. The IPO includes a fresh issue of shares worth up to INR 4,499 Cr and an offer-for-sale (OFS) of up to 17.5 Cr equity shares, INC42 reported.
Swiggy to finalise allotment of IPO by Nov 11
Meanwhile, Swiggy is expected to finalise the allotment of IPO shares by November 11, with shares being credited to the demat accounts of successful bidders by November 12. The shares will be listed on the BSE and NSE on November 13. Further, the food tech giant has allocated 75% of its public issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.
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Notably, Swiggy first submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) confidentially in April 2024 for an IPO worth INR 10,414.1 Cr. Later, the company updated its IPO documents with SEBI in September and quickly received approval.
Furthermore, food tech major’s net losses increased by 8% to INR 611 Cr in the first quarter of FY25 compared to the previous year. Meanwhile, its operating revenue went up by 35% to INR 3,222.2 Cr in the same period.
Earlier, Swiggy’s net loss for FY24 was INR 2,350 Cr, down from INR 4,179.3 Cr the previous year. Meanwhile, its operating revenue increased by 36% year-on-year to INR 11,247.3 Cr, up from INR 8,264.5 Cr the previous year.
