Tue Oct 29 13:09:25 UTC 2024: ## Swiggy’s IPO to Open on November 6th, Aims to Raise Rs 11,327.4 Crore

**Bangalore, India:** Indian food delivery giant Swiggy has officially announced the dates for its much-anticipated IPO, opening on November 6th and closing on November 8th. The IPO, which includes a fresh issue worth Rs 4,499 crore and an offer for sale of 17.5 crore shares, aims to raise approximately Rs 11,327.4 crore at the upper price band of Rs 390 per share.

The fresh issue size has been slightly increased from the previously proposed Rs 3,750 crore, while the offer-for-sale component has been reduced by 1 crore shares to 17.5 crore. This puts Swiggy’s valuation at the higher end of the price range at Rs 87,299 crore ($10.38 billion), slightly lower than its previous target of $11.2 billion.

Swiggy’s latest financial report shows strong growth, with revenue for Q1 FY25 reaching Rs 3,222.2 crore, up from Rs 2,389.8 crore in the previous year. However, the company also reported a higher post-tax loss of Rs 611 crore, compared to Rs 564.1 crore in the previous year.

The funds raised from the IPO will be used to further develop Swiggy’s quick commerce subsidiary, Scootsy, expand its dark store network, and enhance technology and cloud infrastructure.

This IPO is poised to be one of India’s largest, following recent significant listings like Hyundai Motor. Founded in 2014, Swiggy currently operates in over 580 cities across India and partners with more than 200,000 restaurants.

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