Swiggy – The online food delivery platform’s Initial Public Offer (IPO) may open on November 6. Investors will be able to bid for this issue till November 8.
The company has fixed a price band of Rs 371 to Rs 390 per share for this. Bloomberg has given this information by quoting sources.
Swiggy is planning to raise $ 1.35 billion (about Rs 11,700 crore) through this issue. According to reports, the company will issue fresh shares worth Rs 4,500 crore for this.
The remaining shares worth Rs 6,800 crore will be sold by existing investors through an Offer for Sale (OFS).
On Sunday, the company fixed the new valuation for the IPO at $ 11.3 billion (Rs 95 thousand crore), which is about 25% less than the previous valuation.
BlackRock and CPPIB will invest Rs 11,774 crore
BlackRock and Canada Pension Plan Investment Board (CPPIB) will invest $1.4 billion (Rs 11,774 crore) in this IPO. This will be the country’s second-largest stock offering this year.
Indian stocks have fallen for four consecutive weeks, the longest decline since August 2023. The Nifty-50 index is down more than 8% from its record high of September 27 due to continued foreign selling.
Swiggy revenue grew 36% in FY24
Meanwhile, Swiggy’s financial condition has also improved. Swiggy’s revenue grew by 36% to Rs 11,247 crore in FY 2024 from Rs 8,265 crore in the previous financial year.
At the same time, the company also reduced its losses by 44% during this period and stood at Rs 2,350 crore in FY 2024 from Rs 4,179 crore in the previous year. The company has been able to reduce its losses by keeping its costs under control.
Although Swiggy’s performance is lower than that of Zomato, it has still reduced the gap with its rival in FY24. Zomato recorded a revenue of Rs 12,114 crore in FY 2024, while Swiggy’s revenue stood at Rs 11,247 crore. Similarly, Zomato posted a profit of Rs 351 crore, while Swiggy incurred a loss of Rs 2,350 crore.
