Swiggy’s Initial Public Offering (IPO) may launch for public subscription from November 6 to November 8, with anchor book openings set for November 5, according to a report by Moneycontrol, though HT has not independently verified this information.
The company reportedly aims for an IPO valuation of $11.3 billion at the top end of the price band. Additionally, the primary issue size has been expanded to approximately ₹4,500 crore, bringing the total IPO size to an estimated ₹11,700 to ₹11,800 crore, the report says.
Swiggy’s draft red herring prospectus reveals that the IPO will include a fresh issue portion of ₹3,750 crore alongside an offer for sale (OFS) for up to 182,286,265 equity shares.
Swiggy’s closest competitor, Zomato, which dominates the food delivery market alongside Swiggy, already went public with a ₹9,375 crore IPO. Zomato’s shares have surged 136.68% over the past year, though it is now seeking to raise funds through a Qualified Institutional Placement (QIP).
Major Swiggy shareholders include Prosus (32%), SoftBank (8%), and Accel (6%), while Elevation Capital, DST Global, Norwest, Tencent, Qatar Investment Authority (QIA), and Singapore’s GIC also hold stakes. Swiggy confidentially filed its IPO documents on September 24, a process that allows companies to keep their offer details private until the IPO plan is finalized.
In addition to food delivery, Swiggy’s Instamart competes with players like Zomato’s Blinkit, Zepto, and Tata’s BigBasket in the quick-commerce sector.
