Tue Nov 05 09:44:55 UTC 2024: ## Swiggy Sets Stage for ₹11,000 Crore IPO, Celebrity Investors Lead the Charge

**Mumbai, India (November 5, 2024):** Food delivery giant Swiggy is gearing up for its highly anticipated stock market debut on Wednesday, November 6, aiming to raise over ₹11,000 crore through an initial public offering (IPO). The company plans to use the proceeds to invest in its subsidiary Scootsy, enhance technology and cloud infrastructure, fuel marketing and business promotion initiatives, fund potential acquisitions, and for general corporate purposes.

Swiggy’s IPO has already attracted a star-studded lineup of investors. Cricketers Rahul Dravid and Zaheer Khan, tennis star Rohan Bopanna, film producer Karan Johar, and actor-entrepreneur Ashish Chowdhry have all been actively acquiring shares in the secondary market. Furthermore, Bollywood superstar Amitabh Bachchan’s family office purchased a stake earlier this year, while Motilal Oswal Financial Services chairman Raamdeo Agrawal also joined the ranks of Swiggy investors.

Adding to the buzz, actress Madhuri Dixit and Ritesh Malik, founder of Innov8, acquired Swiggy shares worth ₹3 crore in September, paying ₹1.5 crore each.

The IPO itself has attracted significant interest from institutional investors, including Norway’s sovereign wealth fund Norges and Fidelity, who reportedly placed bids exceeding $15 billion – a staggering 25 times the $605 million portion reserved for such investors.

Swiggy’s IPO will open for subscription on November 6 and close on November 8, with allotment expected on November 11 and listing scheduled for November 13. The price band is set between ₹371 and ₹390 per share, and the company aims to raise ₹11,327.43 crore through a combination of a fresh issue and an offer for sale (OFS).

The grey market premium (GMP) currently stands at ₹22 per share, indicating a 5.64% premium over the issue price. Investors must purchase a minimum of 38 shares, costing ₹14,820 at the upper end of the price band.

The IPO allocation is reserved as follows: 75% for Qualified Institutional Bidders (QIB), 15% for Non-Institutional Investors (NII), and 10% for retail investors. Employees are eligible for 750,000 shares at a discount of ₹25 from the issue price.

Several prominent investors, including Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, and Tencent Cloud Europe B.V., are participating in the OFS.

Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities, and ICICI Securities are the book running lead managers for the IPO, while Link Intime India Private Ltd serves as the registrar.

All eyes are now on Swiggy’s highly anticipated debut on the stock market, as the food delivery giant seeks to capitalize on its strong brand and impressive growth trajectory.

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