Mon Nov 04 13:18:52 UTC 2024: ## Swiggy IPO to Open on November 5th, Seeking $11.3 Billion Valuation
**Bangalore, India – November 4, 2024** – Food delivery giant Swiggy is set to launch its Initial Public Offering (IPO) on Tuesday, November 5th, with anchor investors being able to participate first. Retail and institutional investors can place their bids starting from November 6th.
The company has set the price band at Rs 371 – Rs 390 per equity share, with a minimum bid size of 38 shares. The book-building process will conclude on Friday, November 8th.
Swiggy aims to raise Rs 4,499 crore ($580 million) through the IPO, which will include a fresh issue of shares and an Offer for Sale (OFS). The company is looking to list on domestic bourses on Monday, November 13th, 2024, at a potential valuation of Rs 87,000 crore ($11.3 billion).
Early investors in Swiggy, such as Accel and Elevation Capital, are expected to see significant returns. Accel, for example, is predicted to see a 3,391% return on its investment based on the upper end of the IPO price band. Meanwhile, Prosus, one of Swiggy’s largest stakeholders, is expected to gain 197% on its investment, potentially netting Rs 4,255 crore ($550 million) through the OFS.
In other news, Hala Mobility has secured Rs 51 crore ($6.6 million) in pre-Series A funding. Infibeam Avenues reported a 2.7X year-on-year increase in net profit to Rs 70 crore ($9.1 million) in Q1 FY25. The article also highlights the growth of lab-grown diamonds in India and Google’s ongoing development of its AI-powered assistant, Project Jarvis.
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