Swiggy IPO: Things to Know Before Subscribing

Swiggy, one of the largest companies in the food and grocery delivery space, is nearing its debut on the stock market. The Swiggy initial public offer (IPO) is a book-built issue of ₹11,327.43 crore, and it will be open for subscription on November 6, 2024.

Swiggy IPO: Important Details

IPO Open Date: November 6, 2024

IPO Close Date: November 8, 2024

Allotment Date: November 11, 2024

Lot Size: 38 shares

Price Band: ₹371 to ₹390 per share

Credit of Shares to Demat Account: November 12, 2024

Initiation of Refunds: November 12, 2024

Listing Date: November 12, 2024

Swiggy IPO Subscription Details

Swiggy’s 3-day issue will open for subscription on November 6, 2024, and close for subscription on November 8, 2024. Through the IPO, the company intends to raise ₹11,327.43 crore. Swiggy will issue 11.54 crore fresh equity shares amounting to ₹4,499 crore. Additionally, the company plans to raise ₹6,828.43 crore through the offer-for-sale route for 17.51 crore shares.

The portion reserved for Qualified Institutional Buyers (QIBs) will not be less than 75% of the net issue. Meanwhile, the shares offered to retail investors will not exceed 10% of the net issue. Shares offered to the non-institutional and high net-worth investors will not be more than 15% of the net issue.

Swiggy IPO Lot Size and Price Band

The food delivery company’s IPO has a lot size of 38 shares with the price band set at ₹371 to ₹390 per share. As a result, a retail investor will have to make a minimum investment of ₹14,820 to apply to the Swiggy IPO. The minimum lot size for small non-institutional investors (sNII) and big non-institutional investors (bNII) is set at 14 lots and 68 lots respectively.

Swiggy IPO Allotment and Listing Date

Swiggy’s IPO will close on November 8, 2024. Following this, the company will finalise the basis of allotment on November 11, 2024. Shares of Swiggy are expected to be listed on the stock exchanges on November 13, 2024.

Utilisation of Swiggy IPO Proceeds

Swiggy aims to utilise the net IPO proceeds to make partial or whole prepayments of borrowings for its subsidiary, Scootsy. Further, the company aims to strengthen its position in the quick commerce segment by expanding its network of dark stores. Swiggy intends to allocate funds toward enhancing its cloud infrastructure, technology, and brand awareness. The balance proceeds will be utilised for general corporate purposes.

About Swiggy

Swiggy is one of India’s largest food and grocery delivery companies. Founded in 2012, the company entered and expanded its presence in the food delivery space across India. The company also positioned itself in the quick commerce segment through its Instamart service. Additionally, the company offers various services such as Swiggy Minis and Swiggy Genie.

In FY24, Swiggy reported a net loss of ₹2,350.24 crore while the company’s revenue came in at ₹11,634.35 crore. At the end of Q1FY25, the company’s net loss stood at ₹611 crore on a revenue of ₹3,310.11 crore.