Swiggy has released its red herring prospectus for its highly-anticipated IPO, which is set to open on November 6 and close on November 8, according to media reports.
According to the RHP, the IPO includes a fresh issue of Rs 4,499 crore and an offer for sale of 17.5 crore shares. While the fresh issue size has been increased from the previous Rs 3,750 crore, it remains below the Rs 5,000 crore approved by the board.
As per media reports, the offer-for-sale size has been adjusted, with 1 crore fewer shares available than the previously proposed 18.5 crore. The issue is expected to be priced between Rs 371 and Rs 390 per share, potentially raising Rs 11,327.4 crore if priced at the upper end.
The latest filing suggests that, at the upper price band, Swiggy's valuation would be around Rs 87,299 crore ($10.38 billion), slightly lower than its earlier target of $11.2 billion, according to media reports. The filing also reveals financial performance for Q1 FY25, showing revenue from operations of Rs 3,222.2 crore, up from Rs 2,389.8 crore year-on-year, though the loss after tax increased to Rs 611 crore from Rs 564.1 crore in the previous year.
Proceeds from the IPO will be directed towards investments in its subsidiary Scootsy and expanding its dark store network for quick commerce, as well as enhancing technology and cloud infrastructure. If successful, Swiggy's IPO will rank among India's largest, alongside Hyundai Motor’s recent offering.
Founded in 2014 and based in Bangalore, Swiggy operates in over 580 cities and partners with more than 200,000 restaurants across India.
