Wed Oct 30 14:10:23 UTC 2024: ## Swiggy Sets IPO Price Band at Rs 371-390 Per Share, Aims for Rs 11,300 Crore Funding

**Bengaluru, India** – Food and grocery delivery platform Swiggy Ltd has announced its Initial Public Offering (IPO) details, setting a price band of Rs 371-390 per share. The IPO, slated to open for subscription on November 6th and close on November 8th, aims to raise a total of Rs 11,300 crore.

The IPO will comprise a fresh issue of Rs 4,499 crore for the company and an offer-for-sale of 17.5 crore shares by existing shareholders and promoters, valued at Rs 6,825 crore at the upper price band. Upon listing on November 13th, Swiggy’s total market capitalization is expected to exceed Rs 87,000 crore.

Investors can bid for a minimum of 38 shares and in multiples thereof.

**Proceeds to Fuel Expansion and Enhance Brand Awareness**

Swiggy plans to utilize the net proceeds to invest in its subsidiary Scootsy, repay borrowings, expand its “dark store” network for quick commerce, invest in technology and cloud infrastructure, and fuel inorganic growth through acquisitions. Notably, Rs 1,178.7 crore will be allocated to Scootsy for dark store expansion, while Rs 1,115.3 crore will be used for brand marketing and business promotion.

Swiggy has been consistently making losses in recent years. The company recorded a loss of Rs 2,350.24 crore in FY24 and Rs 611 crore in the June quarter of FY25. Despite the losses, Swiggy’s revenue has grown significantly, reaching Rs 11,634 crore in FY24 and Rs 3,310 crore in the June quarter of FY25.

**Prominent Shareholders Include Prosus and Accel India**

Among Swiggy’s key shareholders are MIH India Food Holdings (an affiliate of Prosus NV) with a 30.93% stake, Accel India (4.71%), and Tencent Cloud (3.64%). Founders Sriharsha Majety and Lakshmi Nandan Reddy Obul hold 5.36% and 1.75% stakes, respectively.

The IPO will mark Swiggy as the second major food delivery company to go public in India, following Zomato’s successful IPO in 2021. With this fundraising, Swiggy aims to accelerate its growth trajectory and solidify its position in the rapidly evolving Indian food delivery market.

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