Wed Oct 30 20:26:14 UTC 2024: ## Swiggy’s IPO Opens with Strong Grey Market Premium, Valued at $10.38 Billion

**Bangalore, India – November 5, 2023** – Swiggy, the popular food delivery platform, is set to launch its highly anticipated Initial Public Offering (IPO) next week, with the grey market premium (GMP) already indicating strong investor interest. The IPO will open for subscription on November 6th and close on November 8th.

The grey market premium, an informal indicator of investor sentiment, has opened at Rs 25, representing a 6.41% increase over the upper price of the offer range of Rs 371-390 per share. This suggests a strong appetite for the IPO, particularly considering the relatively modest valuations Swiggy is aiming for.

The IPO features a fresh issue of 11.54 crore equity shares worth Rs 4,499 crore alongside an offer for sale of 17.51 crore shares, totalling Rs 11,327.43 crore. Notably, co-founders Sriharsha Majety and Lakshmi Nandan Reddy Obul, along with former CTO Rahul Jaimini and Cipla’s Samina Hamied, will be offloading a portion of their shares through the offer for sale.

Based on the upper price band, Swiggy is valued at approximately Rs 87,299 crore or $10.38 billion. This is slightly lower than the company’s earlier target of $11.2 billion, signifying its commitment to keeping valuations reasonable for retail investors.

Swiggy, established in 2014, has grown significantly, offering its services in over 580 cities across India. The company has built a reputation for its wide variety of options and reliable delivery services, positioning itself to compete effectively against rivals like Zomato.

**Disclaimer:** The grey market premium is not an official price quote and is based on speculation. Investments in initial public offerings are subject to market risks. Potential investors are advised to consult with financial advisors and carefully review the red herring prospectus before making any investment decisions.

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