Tue Nov 05 09:13:14 UTC 2024: ## Swiggy Aims for $11.3 Billion Valuation in Upcoming IPO

**Bengaluru, India:** Food delivery and quick-commerce giant Swiggy is set to launch its initial public offering (IPO) on Wednesday, aiming for a valuation of approximately $11.3 billion. The company plans to raise Rs 11,327 crore through the IPO, comprising a fresh share issue of Rs 4,499 crore and an offer for sale (OFS) of Rs 6,828 crore.

Swiggy has set a price band of Rs 371 to Rs 390 per share for its maiden public issue. The offering will be open for subscription from November 6 to November 8.

Swiggy Food Marketplace CEO Rohit Kapoor confirmed the valuation, stating, “Our pricing is in the range of Rs 371-390 which corresponds to a value of about USD 11.3 billion roughly.” He clarified that any speculation regarding a lowered valuation is unfounded, emphasizing that the actual value will be determined upon completion of the transaction.

Kapoor addressed reports of a valuation reduction, stating, “This is all speculation in the media on what the value is. The value has not gone up or down. The value is exactly where it is supposed to be… There has been no lowering of valuation per se.” He added that the final price reflects a collective decision and a positive outcome of the discovery process.

Swiggy’s IPO comes amidst a recent flurry of public offerings, including South Korean carmaker Hyundai’s mega Rs 28,000-crore issue.

Founded in 2014, Swiggy reported a loss of Rs 611 crore in the quarter ending June 2024, a slight improvement from Rs 564 crore in the same period last year.

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