Swiggy has set a price band of ₹ 371 to ₹ 390 per share for its maiden public issue.
New Delhi: Food delivery and quick-commerce major Swiggy, which is coming up with its initial public offering (IPO) on Wednesday, is looking for a valuation of around USD 11.3 billion.
The Bengaluru-based company is aiming to raise Rs 11,327 crore from the IPO, which will include fresh issuance of shares worth Rs 4,499 crore and an offer for sale (OFS) of Rs 6,828 crore.
Swiggy has fixed a price band of ₹371 to ₹390 per share for its maiden public issue. The issue will open for public subscription on November 6 and close on November 8.
Talking about the pricing, Rohit Kapur, CEO of Swiggy Food Marketplace, said, “We think we have priced it correctly and we are waiting for the next few days.” Swiggy’s valuation is pegged at around USD 11.3 billion (around ₹95,000 crore) at the upper price band. Rival Zomato, which went public in July 2021, has a market valuation of ₹2.13 lakh crore.
“Our pricing is between ₹371-390, which corresponds to a valuation of around USD 11.3 billion. It is not exact as it depends on where the issue actually settles at the end of the day,” Kapur said in an interview to PTI.
When asked about media reports about Swiggy’s valuation cut, Kapoor clarified that there has been no valuation cut, as the actual value of the company is determined when the transaction actually happens.
“All this is speculation in the media about valuation. So the fact of the matter is that there has been no increase or decrease in valuation. The valuation is exactly where it should be… I just want to put it on record very clearly that there has been no valuation reduction. There was an exploration process and at the end of it, this is a valuation that we collectively feel very good about,” he said.
The issue comes amid a slew of IPOs in recent times, including South Korean carmaker Hyundai’s ₹28,000 crore mega issue.
Founded in 2014, Swiggy posted a loss of ₹611 crore in the quarter ended June 2024, narrowing from ₹564 crore in the same period last year.
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