Tue Oct 29 14:24:47 UTC 2024: ## Swiggy Set to Go Public, Aims to Raise Rs 11,300 Crore in IPO

**New Delhi, November 5, 2024:** Food delivery giant Swiggy is all set to launch its highly anticipated initial public offering (IPO) on November 6th. The IPO, with a price band of Rs 371-390 per share, is expected to raise up to Rs 11,300 crore. This comes after the company, backed by investors like Prosus, SoftBank, and Accel, was valued at USD 9.3 billion in August 2023.

Swiggy’s IPO structure includes a fresh issue of Rs 4,500 crore, significantly expanded from the initial proposal of Rs 3,750 crore. This change accommodates investor exits and adjustments in the offer-for-sale (OFS) component.

The proceeds from the IPO will be used to fund Swiggy’s expansion plans, including investments in its quick commerce subsidiary Scootsy, enhancements to its dark store network, and upgrades to its technology and cloud infrastructure.

Swiggy will be competing with Zomato, whose IPO in July 2021 raised Rs 9,375 crore. However, recent IPOs by major players like Hyundai, Paytm, and LIC have seen mixed market responses.

Leading banks such as Citi, JP Morgan, Kotak Mahindra Capital, and Jefferies are managing the IPO, with Cyril Amarchand Mangaldas providing legal counsel. A successful listing will make Swiggy one of India’s largest IPOs and strengthen its position in the competitive food delivery market.

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