Swiggy IPO: Zomato's Rival Coming Soon, Fixes Price Band; Know Details Of GMP, IPO Prices, Dates

Swiggy IPO: Online food delivery services company, Zomato's rival is coming soon to list on stock exchanges BSE and NSE. It is none other than Swiggy who has now announced the price band of its Rs 11,300 crore public offer. Swiggy is reportedly expected to launch its initial public offering (IPO) right after the Diwali festival. The grey market premium (GMP) will be begin few days before the opening of the IPO.

Sources told PTI that Swiggy is likely to raise up to Rs 11,300 crore through its IPO which is a mixture of fresh issue and offer for sale (OFS). The price band for the IPO has been fixed on November 6, which is likely to continue till November 8.

That being said, the IPO will be open for anchor investors on November 5, a day before the mainboard IPO. Anchor investors include mutual funds and corporates.

The Rs 11,300 crore IPO will be reportedly divided into fresh issue of Rs 4,500 crore and its offer for sale (OFS) will be in the tune of Rs 6,800 crore.

The selling shareholders under the OFS are Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V B.V, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings B.V, Norwest Venture Partners VII-A Mauritius and Tencent Cloud Europe B.V.

The book running lead managers for the IPO are Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies, Avendus Capita, JP Morgan, BofA Securities and ICICI Securities. The registrar of the IPO is Link Intime India.

Swiggy intends to utilise the net proceeds of the IPO for investment in its material subsidiary, Scootsy for (a) expansion of its Dark Store network for our Quick Commerce segment through setting up of Dark Stores; and (b) making lease/license payments for Dark Stores. There can, however, be no assurance that such Net Proceeds will be deployed effectively, or at all, and failure to do so may have an adverse effect on business and financial condition.

Swiggy is a new-age, consumer-first technology company offering users an easy-to-use convenience platform, accessible through a unified app - to browse, select, order and pay for food, ("Food Delivery"), grocery and household items ("Instamart"), and have their orders delivered to their doorstep through our on-demand delivery partner network. Our platform can be used to make restaurant reservations ("Dineout") and for events bookings ("SteppinOut"), avail product pick-up/ drop-off services ("Genie") and engage in other hyperlocal commerce (Swiggy Minis, among others) activities.

As of June 30, 2024, the company's revenue from operations stood at Rs 32,222.17 million, higher from Rs 23,898.18 million as of June 30, 2023. Swiggy reached a milestone of 112.73 million users that have transacted on our platform (ever transacted users) on June 30, 2024.

The company's Food Delivery Average Monthly Transacting RestaurantPartner base, Active Dark Stores and Average Monthly Transacting Delivery Partners base have increased to 1.73x, 1.85x and 1.88x from Fiscal 2022 to the three months ended June 30, 2024.