Wed Oct 30 17:42:54 UTC 2024: ## Swiggy IPO to Open on November 6th, Shares Surge in Grey Market

**New Delhi:** Food delivery platform Swiggy is all set to hit the stock market with its much-anticipated Initial Public Offering (IPO) on November 6th, 2024. The IPO is expected to remain open till November 8th, with the company aiming to raise a whopping ₹11,300 crores.

The grey market has already witnessed a surge in interest for Swiggy shares, with the Grey Market Premium (GMP) reaching ₹130. This indicates a strong demand for the IPO. The company has set the price band for its IPO at ₹371-390 per share, with the upper price band at ₹390.

According to sources, the IPO is expected to be subscribed on November 11th, with shares being listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on November 13th.

Swiggy’s IPO consists of a fresh issue of ₹4,499 crores and an Offer for Sale (OFS) of 175,087,863 equity shares by existing shareholders. The company has also reserved 7.5 lakh shares for its employees.

The funds raised from the fresh issue will be used for various purposes, including investment in subsidiary Scootsy (₹1,343.5 crore), investment in technology and cloud infrastructure (₹703 crore), and brand marketing and business promotion expenses (₹1,115 crore).

Swiggy is backed by prominent investors like Softbank and Prosus, and its entry into the stock market is expected to be eagerly awaited by investors.

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