Tue Nov 05 11:24:56 UTC 2024: ## Swiggy IPO opens tomorrow with a subdued grey market premium

**New Delhi, November 5, 2023:** The highly anticipated initial public offering (IPO) of online food delivery platform Swiggy is set to open for subscription tomorrow, November 6th, and will remain open until November 8th.

While investor excitement is palpable, the grey market premium (GMP) for the IPO appears subdued. The GMP, which reflects the anticipated listing price premium, is currently at 5% or ₹20. This translates to a potential listing price of ₹410, slightly exceeding the upper end of the IPO price band of ₹371 to ₹390.

The IPO involves a fresh issuance of equity shares worth up to ₹4,499 crore and an offer for sale of 175,087,863 equity shares. Leading investment banks including Kotak Mahindra Capital Company, Citigroup Global Markets India, and others are managing the IPO, while Link Intime India Private Limited will act as the registrar.

Swiggy’s IPO valuation has been lowered to $11.3 billion from an initial target of $15 billion, likely influenced by the current market volatility and the lackluster debut of Hyundai India. Notably, Swiggy’s valuation stood at $10.7 billion in January 2022, when the company raised $700 million from investors including Invesco.

Several prominent personalities from the entertainment and sports world have invested in Swiggy, including renowned cricketer Rahul Dravid, tennis star Rohan Bopanna, filmmaker Karan Johar, and Ashish Choudhary.

The IPO is expected to generate significant interest from investors, although the subdued GMP suggests cautious optimism regarding the potential listing gains.

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