Swiggy IPO: Key Dates, Price Band, Grey Market Premium And More

Swiggy, the leading food and grocery delivery platform, is set to launch its highly anticipated initial public offering (IPO) on November 6, 2024.

The ₹11,300 crore IPO will be open for public subscription until November 8, with a price band set between ₹371 and ₹390 per share. Swiggy’s IPO will include a fresh issue worth ₹4,500 crore and an offer for sale (OFS) of ₹6,800 crore by existing shareholders, including early investors Accel India and Elevation Capital.

Swiggy IPO Timeline:

• Opening Date: November 6, 2024
• Closing Date: November 8, 2024
• Allotment Finalization: November 11, 2024
• Listing Date: November 13, 2024, on BSE and NSE

Swiggy IPO Price Band and Lot Size:

• Price Band: ₹371 to ₹390 per share
• Lot Size: 38 shares per lot
  • Retail Investors: Minimum investment of 1 lot (38 shares)
  • Small NII: Minimum investment of 14 lots (532 shares) totaling ₹2,07,480
  • Large NII: Minimum investment of 68 lots (2,584 shares) totaling ₹10,07,760

Swiggy IPO Grey Market Premium (GMP): Market observers indicate a muted response, with Swiggy’s unlisted shares currently trading at a 5.64% premium in the grey market (₹22 higher than the upper price band).

IPO Demand from Institutional Investors: Major institutional investors, including Norway’s sovereign wealth fund Norges and Fidelity, have expressed substantial interest, with bids 25 times the $605 million allocation reserved for such investors.

Utilization of IPO Proceeds: Swiggy plans to allocate the IPO proceeds strategically:

• Debt Repayment: ₹137.41 crore for subsidiary Scootsy’s debt clearance
• Quick Commerce Expansion: ₹982.40 crore for the Dark Store network via Scootsy
  • Dark Stores Setup: ₹559.10 crore
  • Lease Payments: ₹423.30 crore
• Technology and Marketing: ₹586.20 crore for technology infrastructure and ₹929.50 crore for brand marketing
• Additional Funds: Reserved for acquisitions and general corporate purposes

Founded in 2014, Swiggy had an approximate valuation of $13 billion as of April 2024, with an annual revenue of $1.09 billion for the fiscal year ending March 31, 2023.

The company’s IPO application was reviewed and approved through the Securities and Exchange Board of India’s (SEBI) confidential filing process, a method that allows pre-filing and public feedback.

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